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Bitcoin liquidations top $283M after short squeeze sends BTC price above $75K
TL;DR
Bitcoin liquidations reached $283 million after a short squeeze pushed its price above $75,000. A rapid drop to $73,200 triggered significant long liquidations totaling $166 million.
Key points
- Bitcoin liquidations reached $283 million
- Short squeeze pushed BTC price above $75,000
- Long liquidations totaled $166 million
- BTC traded between $75,000 and $73,000
- Price drop triggered by market movements
Bitcoin (BTC) traded between $75,000 and $73,000 over a three-hour period during the New York market open on Thursday, and the abrupt downside move liquidated $283 million in futures positions. The resulting short squeeze pushed BTC back toward $75,000, but sustaining the rebound will require steady buying volume in the spot market.
BTC rebounds amid slower spot demand
A sharp move lower to $73,200 from $75,400 triggered a wave of long liquidations across the futures markets, totaling to $166 million, according to market commentator CryptoReviewing.
Bitcoin liquidation heatmap 24-hour. Source: CoinGlass
The price then reversed quickly, pushing back toward $75,000 and liquidating roughly $117 million in short positions, highlighting a rapid two-sided squeeze within the same trading window.
The move tracked closely with liquidation spikes, which forced closures of short positions. The funding rates turned positive to +0.0005 shortly after the bounce, signaling that bearish positioning had built up before unwinding.
BTC price, spot and futures CVD, funding rate. Source: velo.chart
This indicates that upside momentum came from shorts covering rather than new long exposure. The rally cleared nearby liquidity pockets and pushed the price back toward the session's mid-range.
The spot cumulative volume delta (CVD), which tracks net buying and selling in spot markets, continued to trend lower during the recovery. The divergence points to weaker spot participation even as Bitcoin holds above $74,000.
Q&A
What caused the $283 million in Bitcoin liquidations?
The liquidations were triggered by a sharp price drop from $75,400 to $73,200, leading to a short squeeze.
How much did long liquidations total during the Bitcoin price drop?
Long liquidations totaled $166 million during the price drop of Bitcoin.
What price range did Bitcoin trade within during the New York market open?
Bitcoin traded between $75,000 and $73,000 over a three-hour period during the New York market open.
