Bitcoin Bulls Roar: $43M in Short Positions Liquidated in 4 Hours

Bitcoin’s Bounce Back: From $79K Lows to $85K Highs in 24 Hours

The value of bitcoin (BTC) jumped 4.55% against the U.S. dollar, bouncing back impressively from its recent dip to $79,947. The global crypto market cap now sits at $2.76 trillion, marking a 3.98% increase over the past day.

However, trading activity remains muted, with $83.95 billion in trades recorded in the last 24 hours, a 6.24% drop from the previous day.

Meanwhile, ethereum (ETH) gained 2.26%, XRP climbed 2.79%, but solana (SOL) took a 6% hit. ADA dropped 4.4%, DOGE fell 4%, and TRX slid 1.6% over the same period.

At the time of writing, BTC’s global average price is $84,632, while in South Korea, it’s trading at $85,907 per coin. Cryptoquant data reveals the Coinbase Premium Index remains in negative territory.

On a related note, Cryptoquant figures further indicate rising exchange reserves, which could signal potential selling pressure. Over the past four hours, as BTC climbed, Coinglass data shows $43.8 million in BTC short positions were wiped out.

Across the broader crypto market, $213.64 million in liquidations occurred, with $122.11 million coming from short positions. A total of 79,964 traders saw their derivatives positions vanish due to the day’s price swings.