Bitcoin Breaks $71K As Short Liquidations

Hit $3B As Trump Pushes CLARITY Act Approval On Thursday, Bitcoin surged above the $71,000 threshold, mirroring an overall rally in the crypto space amid the CLARITY Act hype. In the meantime, short liquidations for BTC surpassed a whopping $3 billion.
Bitcoin Soars Beyond
$71,000 Today
At press time, Bitcoin price was hovering around $71,730.46, up 11.43% over 24 hours.
According to data from CoinGlass, a total of $3.35 billion worth of crypto positions were liquidated over the past 24 hours, impacting 189,216 traders. The large volume of short positions also led to the largest loss in money, with $3.07 billion liquidated to $274.10 million in long positions.
The imbalance shows how so many traders who were short on Bitcoin had to exit their short trades as the price increased. For context, the rally pushed shorts further into the upper part of the range. The liquidation pressure was increased on shorter time frames. Four-hour liquidations were valued at $385.20 million. Out of this, $356.79 million were in shorts, with 12-hour liquidations valued at $449.47 million, of which $378.82 million were in shorts.
During the last hour total liquidations were $45.53 million of which $40.30 million were shorts. Moreover, CoinGlass data revealed that the most significant liquidation order on the Hyperliquid BTC-USD market was at the sum of $48.80.#BTCBreaks71000Up10.5% #ETHSurges20%BreaksThrough2300 #BTCETHReboundTradeIdeas #USTreasuryBuybacksAndRegulatorySignalsDriveCryptoSurge #StrategySurgesNearly12% $BTC $BTC ‌