{"id":11821,"date":"2024-05-16T19:10:07","date_gmt":"2024-05-16T19:10:07","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/bitcoin-bulls-wipe-out-93-million-crypto-shorts-as-price-breaks-66000\/"},"modified":"2024-05-16T19:12:24","modified_gmt":"2024-05-16T19:12:24","slug":"bitcoin-short-squeeze-erases-93-million-as-price-surpasses-66000","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/bitcoin-short-squeeze-erases-93-million-as-price-surpasses-66000\/","title":{"rendered":"Bitcoin Short Squeeze Erases $93 Million as Price Surpasses $66,000"},"content":{"rendered":"\n

Recent data indicates significant liquidation of short contracts in cryptocurrency derivatives, triggered by Bitcoin’s surge above $66,000.<\/p>\n

<\/span>Surge in Bitcoin Leads to Substantial Derivatives Liquidations<\/span><\/h2>\n

An analysis from CoinGlass<\/a> reveals a notable increase in liquidations across the cryptocurrency market in the past 24 hours.<\/p>\n

The term “liquidation” refers to the forced closure of contracts that have incurred substantial losses. The table below displays the total liquidation amount recorded during this period.<\/p>\n

<\/p>\n

Over $135 million in cryptocurrency derivatives contracts held by more than 52,000 traders were liquidated, with short positions accounting for $93 million. Shorts made up 68.4% of the liquidations due to recent bullish market performances.<\/p>\n

Despite a positive market trend, long contracts worth over $42 million were also liquidated, suggesting overleveraged positions entered the market late and encountered liquidation as the uptrend subsided.<\/p>\n

Bitcoin-related contracts, as illustrated in the heatmap below, played a significant role in the liquidation event.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin’s liquidations amounted to $47 million, surpassing Ethereum’s $16 million and Solana’s $12 million, indicating decreased speculation around ETH in recent times.<\/p>\n

The significant liquidation event witnessed is commonly referred to as a “squeeze,” where a price swing triggers a series of liquidations, creating a chain reaction that influences market movements.<\/p>\n

Given the dominance of short liquidations, this event can be classified as a short squeeze, a recurring phenomenon in the volatile cryptocurrency market.<\/p>\n

Prior indications of liquidations emerged at the start of the surge, as observed through the rise in Bitcoin futures Open Interest, suggesting heightened speculative activity.<\/p>\n

\"Bitcoin<\/p>\n

The sustained high Open Interest post-surge indicates ongoing speculation despite the recent squeeze event.<\/p>\n

<\/span>Bitcoin Price<\/span><\/h2>\n

Presently, Bitcoin is trading around $66,000, marking an 8% increase over the last week.<\/p>\n

\"Bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent data indicates significant liquidation of short contracts in cryptocurrency derivatives, triggered by Bitcoin’s surge above $66,000. Surge in Bitcoin Leads to Substantial Derivatives Liquidations An analysis from CoinGlass reveals a notable increase in liquidations across the cryptocurrency market in the past 24 hours. The term “liquidation” refers to the forced closure of contracts that […]<\/p>\n","protected":false},"author":1,"featured_media":11822,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Bitcoin Short Squeeze Erases $93 Million as Price Surpasses $66,000 - Bitrabo","description":"Recent data indicates significant liquidation of short contracts in cryptocurrency derivatives, triggered by Bitcoin's surge above $66,000. Surge in Bitcoin Lea"},"footnotes":""},"categories":[316],"tags":[448,1190,1254,504,561,467,1593,4174],"class_list":["post-11821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-breaks","tag-bulls","tag-crypto","tag-million","tag-price","tag-shorts","tag-wipe"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=11821"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/11822"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=11821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=11821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=11821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}