Bitcoin Bears Suffer Massive Liquidation as Price Breaks All-Time High

Bitcoin (BTC) experienced a dramatic spike in price Wednesday, resulting in unusually high liquidation levels for short positions. In just one hour, the market saw a staggering 3,368% increase in liquidations, with over $3.27 million of short positions being liquidated compared to only $97,000 in long positions. This rapid price movement set off forced short exits, pushing Bitcoin’s price closer to its all-time high of $109,114.88 set earlier this year and causing additional pressure on bearish traders who were positioned for a decline.