$330 Million Liquidated as Bitcoin Stages Comeback

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Add as a preferred source on Google News The short squeeze Dissecting the bounce Advertisement Bitcoin bears suffered a devastating blow on Wednesday as the cryptocurrency staged a violent V-shaped recovery, surging nearly 8% to reclaim the $69,500 level and triggering a massive short squeeze across global exchanges. After weeks of downward pressure that saw Bitcoin briefly lose the critical $63,000 support zone, the market reversed course with ferocity. Data reveals that over $330 million in total positions were liquidated in the last 24 hours, with the overwhelming majority of the carnage falling on traders betting on lower prices. HOT Stories Morning Crypto Report: Cardano (ADA) Listed on Bitstamp Singapore, Peter Brandt Skeptical of $150K Bitcoin Target, Dogecoin Price Confirms 'Death Cross' on Weekly DOGE Chart Ripple's CTO Emeritus Shuts Down 'Nonsensical' Centralization Accusations The short squeeze The recovery caught late sellers off guard, resulting in a cascade of forced buy-backs. Advertisement According to liquidation data, the market witnessed a "4-hour Rekt" event where $247.98 million in short positions were wiped out, compared to just $11.17 million in longs. Bitcoin climbed from its 24-hour low of $63,894 to a high of $69,483, short sellers, and were forced to close their positions, adding fuel to the rally. In the 12-hour window alone, $321.15 million in shorts were liquidated, signaling a complete capitulation of the bearish momentum that had dominated February. Advertisement Dissecting the bounce Market analysts are pointing to the strength of the reversal as a potential signal that a local bottom is in. Trader and analyst Justin Spittler highlighted the technical significance of the move on X (formerly Twitter). "$BTC strong today. +8% on the day," Spittler noted. "Never retested recent lows." Spittler also drew a correlation between Bitcoin’s price action and the broader tech sector, specifically software stocks ($IGV). "More reason to believe software is bottomed out," Spittler wrote. "$IGV and BTC are highly correlated." #Bitcoin Price Prediction