Massive Short Squeeze as Bitcoin Surges Past $117K
In a dramatic turn of events, over $1 billion in crypto short positions were liquidated in the past 24 hours as Bitcoin surged to a new all-time high of $117,500. The sharp price movement caught bearish traders off guard, resulting in widespread losses and fueling a powerful short squeeze across major cryptocurrencies.
According to data from leading derivatives trackers, 232,149 traders were liquidated, with the majority of losses centered around Bitcoin and Ethereum. Roughly $570 million in BTC shorts and $206.9 million in ETH shorts were cleared from the market in a matter of hours, highlighting the aggressive upward momentum.
Market Capitalization Climbs as Fear Turns to Greed
The broader crypto market capitalization rose 4.4%, pushing the total value of all cryptocurrencies to $3.63 trillion. This increase reflects renewed market confidence and follows two consecutive days of record-breaking Bitcoin price action — first $112,000 on Wednesday, followed by $116,500 on Thursday.
The Crypto Fear & Greed Index remained firmly in bullish territory, registering 71 out of 100, a slight dip from the previous week’s score of 73, but still signaling investor optimism.
Analysts React to Unexpected Market Shakeout
The sudden liquidation wave prompted strong reactions from analysts and traders on social media. One prominent trader described the move as a “massive short squeeze on BTC and ETH”, while others noted that bearish traders were caught in “disbelief” as positions evaporated within hours.
Despite previous caution from some market observers, the latest move confirmed that bulls have regained control, with several major resistance levels now acting as support zones. However, analysts also warned that long positions worth $2.11 billion could be at risk if Bitcoin drops back to the $112,000 level, making current price stability critical.
What Comes Next: Volatility or Continuation?
As Bitcoin trades above $117,000, traders are watching closely for signs of continued upward pressure or a potential retracement. Market sentiment remains positive, but the risk of a correction remains real given the speed and scale of the recent rally.
In the short term, investors are advised to monitor key support levels and macroeconomic signals, as further liquidation waves could shape price action in the days ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.