On Tuesday, bitcoin’s price climbed to $61,600 after dipping below the $60,000 mark over the weekend. The leading cryptocurrency recorded a 2.9% increase against the U.S. dollar, boosting its seven-day gains to 6.9%.
Bitcoin Skyrockets Past $61K—Over $23M in Shorts Wiped Out
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Crypto Chaos: Bitcoin Soars, Derivatives Traders Scramble
After a brief dip below $60,000, bitcoin is back above that threshold, showing a modest uptick on Tuesday afternoon. At 1:15 p.m. EDT on Aug. 13, BTC hit an intraday peak of $61,600.
Currently, it’s hovering around the $61K level, sometimes just below or slightly above, as bulls work to push past this point. The resistance intensifies near $62K, where BTC last traded before the recent weekend downturn.
Overall, the cryptocurrency market rose by 2.16%, reaching a valuation of $2.14 trillion. Ethereum ( ETH) edged up by 1.6%, while bitcoin led the gains among the top ten cryptocurrencies. On Tuesday, $23.49 million in bitcoin short positions were liquidated, alongside $12.52 million in long positions.
Ethereum saw $15.04 million in long positions and $13.85 million in shorts wiped out over the same period. In total, 34,933 traders saw $108.13 million worth of positions evaporate in just 24 hours.
What do you think about bitcoin spiking past $61K on Tuesday afternoon? Share your thoughts and opinions about this subject in the comments section below.
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