Bitcoin's $63K Reclaim Liquidates $540M in Crypto Shorts, a 7-Week High
Experts remain cautious of Bitcoin’s weekend rebound to $63,000, pointing to ETF outflows and CME BTC volatility.
A portion of last week’s selloff has come undone as Bitcoin bounced over the weekend, triggering a huge chunk of late shorts.
Bitcoin recovered to highs of $63,800 Monday, up roughly 7.5% from Saturday’s $59,353 low, according to CoinGecko data. The cryptocurrency is currently trading at around $63,350, up 2.4% on the day.
Bitcoin’s bounce liquidated $539 million in crypto short positions on Sunday, the highest level since the April 17 crash, according to CoinGlass data. Over the past 24 hours, total crypto liquidations surpassed $588 million, of which $444 million were short positions.