Bitcoin rallies to $66.000, liquidating $200 million in shorts

The sudden surge in Bitcoin above $66.000 is causing heavy losses for traders who had bet on a falling price. In just one hour, over $200 million in short positions have been liquidated, according to CoinGlass.

Shorts squeezed out of the market

In the past hour, total liquidations have climbed to $221.44 million. Of that, as much as $201.08 million consisted of shorts, while long positions accounted for just $20.36 million.

The figures illustrate how unexpected the rapid rise has been for a portion of the market. As Bitcoin moves higher, leveraged positions are automatically closed once traders no longer have sufficient collateral.

That can temporarily intensify the price move. When shorts are liquidated, the positions must be bought back, creating additional buying pressure.

$424 million liquidated in 24 hours

Over a longer timeframe, the totals rise further still. Within four hours, $323.39 million was liquidated, of which $273.94 million was shorts.

Over the past 24 hours, total liquidations stand at $424.59 million. Short positions account for $321.25 million of that figure, and longs for $103.35 million.

According to CoinGlass, 74,208 traders have been liquidated in total. The largest single liquidation took place on Hyperliquid and was worth $18.73 million.

The wave of liquidations coincides with Bitcoin’s strong rebound. BTC has broken through $66.000, a level not seen since July, heaping pressure on traders who were betting on further downside.