$120 million in crypto shorts obliterated as Bitcoin smashes past $119,000 ATH
2025-07-13 16:25:50
Main Idea
Bitcoin's surge to a record high of $119,370 triggered $123.19 million in short liquidations across major crypto exchanges, with Binance leading the losses. The market remains uncertain about Bitcoin's next move, with potential for further gains or a short-term pullback.
Key Points
1. Bitcoin's price surge to $119,370 caused $123.19 million in short liquidations in 24 hours, with Binance accounting for $43.04 million.
2. 62.44% of all liquidated positions were shorts, with Bitcoin leading at $34.06 million, followed by Ethereum ($22.04 million), XRP ($5.64 million), and Solana.
3. The liquidations were driven by a short squeeze, amplified by Bitcoin's breakout above leverage on platforms like Binance and Bybit.
4. Analysts suggest a breakout above $120,000 could target $135,000-$140,000, while a rejection may lead to a pullback to $114,000-$115,000.
5. Bitcoin's RSI at 72 indicates overbought conditions, signaling potential for a correction.
Description
Bitcoin’s ( BTC ) surge to a record high of $119,370 has triggered $123.19 million in short liquidations across major crypto exchanges over the past 24 hours, catching bearish traders off guard. Binance led with $43.04 million in cryptocurrency short liquidations, followed by Bybit with $37.17 million and OKX with $15.67 million, according to on-chain data retrieved by Finbold from Coinglass on July 13. Other affected exchanges included Gate.io ($12.63 million) and HTX ($7.32 million). Overall, ...
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