{"id":462361,"date":"2021-04-26T16:12:14","date_gmt":"2021-04-26T16:12:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=462361"},"modified":"2021-04-26T16:12:14","modified_gmt":"2021-04-26T16:12:14","slug":"150-million-in-short-squeeze-liquidated-as-bitcoin-scales-above-53000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/150-million-in-short-squeeze-liquidated-as-bitcoin-scales-above-53000\/","title":{"rendered":"$150 Million In\u00a0 Short Squeeze Liquidated As Bitcoin Scales Above $53,000"},"content":{"rendered":"
On Monday, Bitcoin surged above $53,000. At 13:15 GMT, the coin was exchanging hands at $53,324, a 7.07% increase over the last 24 hours.<\/p>\n
However, about $150 million worth of shorts were liquidated within a few hours as bulls returned to take a firm grip over the market. The cryptocurrency rose from $47,000 to over $53,000 as the short squeeze occurred following a fall to the bear market late last week.<\/a><\/p>\n Other cryptocurrencies like ETH, BNB, also experienced short squeeze as they rose by around 15%. As Bitcoin recovered by 12% within a single day, it appears the futures market is completely reset.<\/p>\n A short squeeze refers to when short-sell orders in the futures market are liquidated in a short period of time. When the shorts are liquidated, short sellers will have to buy back their positions. This automatically causes buyer demand to increase in the market.<\/p>\n Hence, the number of shorts rapidly declines, and long contracts or buy orders begin to dominate the market.<\/p>\n Related article |<\/strong> Cuban Expects Number of Bitcoin Hodlers to Double, But Ban Fears Still Linger<\/a><\/em><\/p>\n In the case of Bitcoin in the last 24 hours, despite BTC’s strong rally back up, the funding rate has remained relatively low. According to Bybt.com, the funding rate across major exchanges for Bitcoin is below 0.01%, which is below the neutral rate.<\/p>\n At the current rate, there are still more longs in the futures market, which could push the price to go higher.<\/p>\n Lex Moskovski, the CIO at Moskovski Capital, said<\/a>:<\/p>\n “~$150M of #Bitcoin shorts liquidated on this brief move up. Nothing smells better than roasted bears in the morning.”<\/p>\nBitcoin Short Squeeze Is Bullish<\/h2>\n