Bitcoin Surges Above $51K, Catching Short Sellers Off Guard
The price of Bitcoin is showing resilience as it quickly rebounded after a recent dip. Within two hours, the price skyrocketed to over $51K, adding more than $1500. Currently trading at $51,200, Bitcoin has seen a 2.4% increase in the past hour.
Short sellers were caught off guard by this sudden move, resulting in total short liquidations exceeding $33 million in the past hour. On the other hand, long liquidations were only $400K. Over the past 4 hours, 97% of all leveraged positions that were liquidated were short, indicating that buyers are currently dominating the market.
Altcoins Follow Suit
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
Not only has Bitcoin experienced a surge, but other altcoins have also followed suit. Ethereum (ETH) has seen an equal increase to BTC during this period and has surpassed $2.7K at the time of writing.
