Categories: Crypto

Bitcoin Price Tops $116,000, Massive Short Squueze Approaches $1 Billion


Bitcoin’s price is expanding to the upside and has charted a new all-time high at around $116,400.

With this latest move, BTC is up 4.6% in the past 24 hours and more than 5.5% over the past seven days with a massive $50 billion daily trading volume.

Source: TradingView

The move comes at the expense of short traders, who lost a combined total of around $940 million in the past day, according to data from Coinglass. This has caused a massive short squeeze, which is a common term used to describe a situation where short traders get liquidated and, as they do, this pushes the price upwards even further.

At the time of this writing, the total liquidations are at about $1 billion and 94% of that accounts for sellers, which is pretty indicative of the absolute domination by the buyers.

The rest of the market is also charting considerable gains – ETH is approaching $3,000, XRP is trading close to $2.6, while the total cryptocurrency market capitalization is almost $3.7 trillion.

 

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!



Source link

Adam Forsyth

Share
Published by
Adam Forsyth

Recent Posts

XRP Price Flashes 2017 Pattern, $10 in Sight for Ripple?

TL;DR XRP breaks out of multi-year triangle, mirroring 2017 pattern with strong price momentum. Whale…

10 minutes ago

Today’s Hurdle hints and answers for July 11, 2025

If you like playing daily word games like Wordle, then Hurdle is a great game…

28 minutes ago

Pepe price prediction for July 2025

Pepe Coin — yeah, the one with the internet-famous frog — shot up into the…

1 hour ago

DHS Tells Police That Common Protest Activities Are ‘Violent Tactics’

At times, the sprawling predictions may appear prescient, echoing real-world flashpoints: In Alvarado, Texas, an…

1 hour ago

Bitcoin Rally to $118K Wipes out Over $1 Billion in Short Bets

Bitcoin’s recent surge resulted in significant liquidations, with more than $1.09 billion in short contracts…

2 hours ago

Why is Bitcoin going up today? Rising US demand, strong ETF inflows, and steady corporate accumulation

Key Takeaways Bitcoin reached a new all-time high of $113,855 driven by strong US demand,…

2 hours ago