Bitcoin price rose above $30,000 for the first time since April 2023. It gained 8.74% in the last 24 hours, going from $28,316 to $30,755. As the price of BTC skyrocketed, several shorts on multiple exchanges were liquidated. In the past 24 hours, major cryptocurrency exchanges have reportedly liquidated as much as $160 million. Bitcoin broke several resistance levels with the latest push. It also exited several horizontal channels that it had been trading in for several months. Since rebounding from a low of $24,756, BTC has gained more than 24% in a move that looks like it could last longer.
BTC/USD daily chart. Source: TradingView The recent rally in Bitcoin generated bullish sentiment in the rest of the cryptocurrency market. Other cryptocurrencies, including major altcoins and meme coins, followed the Bitcoin trend. Many cryptocurrencies posted significant gains. They also showed formations on their charts that suggest a trend reversal in favor of buyers. Data from several cryptocurrency exchanges supports the suspicion of a trend reversal, with large amounts of short positions being liquidated. Binance recorded the largest liquidation, with $51.18 million liquidated in the last 24 hours. The OKX exchange followed with $38.73 million liquidated during the same period. On the Bybit exchange, the market liquidated $20.30 million in short positions, while Huobi recorded $16.53 million in liquidations. Other cryptocurrency exchanges with significant liquidation volumes include BitMex, with $12.87 million liquidated, Deribit with $11.38 million, CoinEx with $7.36 million in short liquidations, and Bitfinex with $900,970 in liquidations in the last 24 hours. Liquidating short Bitcoin positions involves closing open orders to sell Bitcoin when the trend reversal occurred. These positions are closed when the market reaches its stop-loss, exchanges close open positions due to limited available margin or by voluntary closing by traders to minimize losses.