Bitcoin's rebound wipes out over $170M in short positions

Key Takeaways

• Bitcoin's recent price surge resulted in $209 million in liquidations over a 24-hour period.
• Short positions accounted for around 82% of all liquidations.

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Bitcoin’s rebound has triggered $209 million in liquidations over the past 24 hours, with short positions making up over $170 million, about 82% of the total, according to CoinGlass data.

Bitcoin rose 2% to $89,700 this morning, per CoinGecko. It was trading close to $89,400 at the time of reporting.

The wave of short liquidations comes as spot investors continue to accumulate Bitcoin amid improving market liquidity, but market conditions remain cautious.

Some analysts note that without a decisive breakout above the $90,000–$92,000 resistance zone, critically supported by an uptick in spot demand, rallies are likely to face continued retracements.