$BTC Million dollars in short positions of Bitcoin have just been liquidated

Mid-May has been a minefield for short cryptocurrency traders, as many digital assets enjoyed rallies not seen in months.

In the 24 hours between the morning of May 13 and the morning of May 14, short positions of Bitcoin (BTC) worth up to 20.4 million dollars were liquidated, according to data retrieved from Coinalyze on May 14.

Of these, the perpetuals accounted for almost the entire amount, while only approximately $39.9k were marked as futures liquidations.

The removal of bearish bets coincided with a shallow correction in the cryptocurrency market. After surpassing $105,000 on May 12, Bitcoin corrected below $102,000 on May 13, only to soon regain its upward momentum.

Overall, the mid-May volatility caused BTC to rise by 7.39% on the weekly chart, with a price at the time of publication of $104,136.