Bitcoin hits new yearly high, triggering over $100M in short liquidations

In a surprising uptick, Bitcoin (BTC) soared to a new yearly high of $35,950 on November 1, marking a robust support level at $35,000. This unexpected surge caused a ripple effect across the market, triggering over $100 million in short liquidations, a scenario where traders who bet against the asset’s performance faced substantial losses​​.

Data revealed that within a 24-hour window surrounding this price hike, a whopping 60,851 traders faced liquidations, culminating in a cumulative loss of roughly $160 million. A closer analysis showed that nearly 62% of these liquidations were short positions, indicating a significant number of traders were caught off guard by Bitcoin‘s sudden price ascent​​.

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