The move wiped out over $76 million in leveraged bearish Bitcoin positions in four hours, including more than $20 million in the last hour, according to the source.
Bitcoin rose to $79,000, triggering a sharp wave of short liquidations in the derivatives market. According to the source, more than $76 million in leveraged short positions were liquidated over the last four hours, with over $20 million of Bitcoin shorts closed out in the last hour alone. Short liquidation happens when traders betting on lower prices are forced to buy back positions as prices rise, which can intensify upward momentum in a fast-moving market.