market

Bitcoin$BTC

Rockets Past $104K, Wiping Out $400M in Shorts and Signaling More Gains Ahead

$BTC Bitcoin's price has soared past the $104,000 mark, shaking up the crypto landscape and sparking nearly $400 million in liquidations of short positions. This sharp rally followed the announcement of a major U.K. trade agreement and record-breaking inflows into spot Bitcoin ETFs, which now exceed $40 billion.

In the last 24 hours alone, BTC climbed over 3% to hit $102,500, briefly peaking above $104,000—its highest level since the end of January. The broader crypto market also responded positively, with the total market cap (excluding Bitcoin) jumping 10% to $1.14 trillion, according to TradingView.

The sudden move caught many traders off guard, especially those betting against the market. Short positions—bets that Bitcoin’s price would fall—saw massive liquidations, totaling nearly $400 million, the most in a single day since at least November (Coinglass data). Even long positions weren’t spared entirely, with $22 million liquidated.

This surge in liquidations points to a market previously skewed too heavily toward bearish leverage. As short positions continue to be unwound, the door may now be open for further upside momentum in the days ahead.

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