After ten days of stagnation, Bitcoin has once again surpassed the $70,000 mark, signaling a market recovery.
BTC rises above its 2021 ATH
The surge has been widespread across the market, with cryptocurrencies such as Solana (SOL) and Avalanche (AVAX) recording gains of over 10% in the last 24 hours. Ether (ETH) is also not left behind, showing a 6% increase during the same period.
Shorts remain relatively unscathed
Contrary to expectations during such a surge, the price rally did not result in massive liquidations of short positions. This suggests that few market participants were betting on a price decline with leverage.
CoinGlass data reveals less than $200 million in leveraged derivative positions across all crypto assets, with $129 million in short positions. For Bitcoin alone, liquidations of short positions would have amounted to $53 million, a figure below the recent daily average.
