the Bitcoin price It has suddenly risen sharply in recent days. So difficult, in fact, that many traders do short Commodities were forced out of their positions, sending prices higher. Last night, the price briefly topped $21,000.

Bitcoin Source of the Short Squeeze

We found it at the end of the last few weeks to bitcoin On December 30th it is about 16,300 USD. After that, the price did not stop rising – slowly at first, but over the past week, the price started making parabolic movements. In all, the exchange rate has appreciated by about 30% against the dollar and about 28% against the euro. The price is now coming back from the top.

Exactly looks like one Short press To be. to cut short You can make a profit if the price goes down because you are actually selling the position when you don’t have it. If the price then goes up instead of down, you risk buying back your coins at a loss.

That’s exactly what happened. to me Queen Glass $238 million in open bitcoin positions have been liquidated in the last 24 hours. In total, about four times as many short positions were closed today, most of which are probably at a loss.

However, cryptocurrency investors remain pessimistic about another potential rally. We asked on Twitter what the outlook is after this nice rally and a majority of around 60% said they think it is recent gathering It only gives false hope and that more pain lies ahead.

# Bitcoin It has been above $21,000 for a long time. Does this mean the end Alcohol market Or does the march only give false hope?

– Crypto Insiders (@Cryptoinsiders) January 14, 2023

Some altcoins also rose sharply

also alternative currencies increase in price. A total of $725 million in cryptocurrency trades were closed – $487 million of which came from altcoins. So it rose raised (ETH) gained about 34% against the dollar, resulting in $260m in closed deals in the last 24 hours – again losing most of it. For ETH, there were even 8 times more closed shorts than closed longs.

Dogecoin (DOGE) is up nearly 40% in recent days, but Solana (SOL) is up faster than any other major token. When measured from the bottom on December 29th upwards, the price of SOL is up about 200%. It is possible that this is due to all files negative news About Solana Network lately.