Crypto Market Erupts: $800M in Short Positions Obliterated as Bulls Seize Control
Crypto traders betting against the market just got steamrolled—$800 million worth of short positions liquidated in a violent upside breakout. The bears didn’t stand a chance.
When leverage meets momentum: A classic crypto market squeeze unfolds as Bitcoin and altcoins rip through resistance levels. Exchanges turned into slaughterhouses for over-leveraged shorts—some things never change in this casino.
The aftermath: Liquidations cascade across derivatives platforms while spot markets rally. Traders who ’knew’ the top was in now face the cold reality of margin calls and rekt portfolios. Just another Tuesday in digital asset markets—where the house always wins (and by house, we mean volatility).
- The crypto market surged past the $2 trillion mark in the last 24 hours.
- Bitcoin crossed $102,000 after rising 4.5 percent and now targets new all-time highs.
- Over $800 million in short positions were liquidated across the crypto market.
The crypto market surged sharply in the last 24 hours, driving over $800 million in short liquidations. Bitcoin and Ethereum led the charge with strong momentum and broke past major resistance levels. The broader crypto market climbed above a $2 trillion valuation, marking a critical psychological milestone.
Crypto Market Gains as Bitcoin Climbs
Bitcoin price soared above $102,000 after a substantial 4.5% rise, pushing the crypto market into a renewed bullish trend. The rally momentum was bolstered after a significant US-UK trade agreement neutralized the global uncertainty with increased sentiment. Again, with its $2 trillion market capitalization, Bitcoin is ranked fifth globally by asset value.
Source: X
As momentum gained, bitcoin crossed the $100,000 level and trades in the neighborhood of $103,000 as of press time. Confirmed price action saw Bitcoin targeting the next resistance at $106,000 and $108,000. If the crypto market retains its strength, Bitcoin could push toward a fresh all-time high above $109,000.
Bitcoin’s sharp increase also led to almost $800 million in short liquidations, the top single-day total this year. The crypto market reacted swiftly, breaking past key resistance zones with strong volumes. With bullish momentum gathering, Bitcoin’s long-term trend seems to remain unaffected as support stands firm.
Ethereum Leads the Altcoin Market Rally
Ethereum posted a massive 17% gain within a day, leading altcoin activity and boosting overall crypto market momentum. The ETH price had jumped to $2,200 (a technical breakout from a long bearish pattern). This massive status quo proved that a five-month downtrend had ended.
The price hike resulted in over $750 million in short liquidations, the biggest in a long time, daily bearish ETH liquidations of 2023. Ethereum’s breakout significantly strengthens the crypto market narrative and supports a broader altcoin recovery. Analysts also await a possible rally to the $3,840 level in the NEAR weeks.
$ETH Descending Broadening wedge Upside Breakout is finally Confirmed after 5 Months of Consolidation.. ✅
Now Send it to 3840$ 📈
#Ethereum #ETH #ETHUSDT pic.twitter.com/Wxstm7QJiq
As ethereum regained key technical levels, it helped push the crypto market further into bullish territory. Market sentiment quickly changed to a positive note, which triggered momentum trades for all altcoins. The breakout in Ethereum is a primary trigger for the altcoin resurgence.
Altcoins Join the Crypto Market Surge With Broad Gains
Several major altcoins contributed to the overall crypto market rally with double-digit gains. Dogecoin surged more than 10% to $0.18, and Cardano bounced to $0.71 in a broad move up on strong buying. Other coins also had stable increases during the day’s session.
Solana increased to $150.70, Binance Coin surged to $600.10, and XRP to $2.22. Each asset posted at least 7% gains, supporting the crypto market’s bullish momentum. These movements are based on renewed optimism, based on late macroeconomic developments.
