$230 Million Shorts Liquidated in 4 Days as Bitcoin Spiked 18%


The past four days have been overwhelmingly bullish within the cryptocurrency community. Even though some caution is still present, it appears that the market sentiment is quickly brightening up.

  • In the past four days, bitcoin’s price surged by a whopping 18% from slightly above $37,000 to above $44,000, where it’s trading at the time of writing this (on Bitstamp)
BTCUSD_2022-02-08_10-33-52
Chart by TradingView

 

  • As a matter of fact, the price went above $45K briefly during Tuesday’s trading session and reached as high as $45,500. It has since corrected and currently sits at around $44K.
  • It’s safe to say that bears have seen better days, as, during this period, data from CryptoQuant reveals that over $229 million worth of short positions were liquidated in the perpetual markets.
Related:  High Probability of Bullish Correction, According to this Indicator
img1_chart_shorts
Source: CryptoQuant

 

  • Bitcoin remains particularly volatile at the time of this post, and it’s important to be very vigilant and careful.
  • It’s also worth noting that the aggregate funding rate is presently negative.
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