In a jaw-dropping turn of events, Bitcoin (BTC) roared back to life at the beginning of this week, stunning market participants with an electrifying surge of 3.8%. The rapid ascent sent shockwaves through the crypto market, resulting in an avalanche of liquidations totaling a staggering $75.23 million within the last 24 hours alone.
Bears, who had bet heavily on a downward spiral, found themselves on the losing end as $36.89 million, a whopping 94% of total liquidations, belonged to short positions.
The climax of this wild ride came with a thundering pump that propelled Bitcoin's price to a remarkable $27,980 per BTC. Remarkably, this surge not only obliterated the losses suffered in the previous week but also triggered an unprecedented cascade of liquidations.
The epicenter of this market-shaking event was Binance, the world's largest cryptocurrency exchange, where the price of Bitcoin futures soared to an astonishing $28,168, leaving a trail of shattered bearish market participants in its wake.
Bearish pump?
The colossal short squeeze has left traders in awe, wondering whether Bitcoin, having collected liquidity from tardy and overly ambitious bears, is poised for a sustained upward trajectory or preparing for a continuation of its descent.
Now, the billion-dollar question looms: will Bitcoin harness this newfound momentum to continue its ascent, or is it merely a brief respite before another plunge?
As the crypto space braces for what comes next, one thing remains certain: Bitcoin's ability to surprise and captivate is unmatched, proving once again that in the realm of digital currencies, the only constant is unpredictability.