Bitcoin Suddenly Surges 5%, Shorts Getting Clobbered

The price of Bitcoin, the leading cryptocurrency, surged sharply higher on Monday, reaching an intraday peak of $69,401. 

According to data provided by CoinGecko, roughly $80 million worth of shorts has been liquidated in mere minutes. 

The Bybit exchange accounts for the biggest share of the liquidations (roughly 20%). 

The cryptocurrency is now approaching the upper boundary of the current range.

Bitcoin’s previous several attempts to reclaim the $70,000 level ended up failing. 

Is the bottom finally in? 

Fundstrat’s Tom Lee recently went live on CNBC, predicting that crypto is currently in the final stages of setting a bottom. He expects the sector to rally in April. 

MSTR rally 

The shares of Strategy (MSTR) also have experienced a substantial rally, surging by more than $139. 

As reported by U.Today, Strategy recently purchased an additional $204 million worth of Bitcoin (BTC).