The Bitcoin price is currently just 3% away from its all-time high (ATH) of $73,750. However, if it continues its current bullish momentum and posts a new ATH above $74,300, it would trigger the liquidation of nearly $1.45 billion in short positions.
According to data from CoinGlass, the number of long-leveraged positions is considerably higher than that of short-leveraged positions.
Shorting Bitcoin (BTC) involves borrowing BTC and selling it, expecting the price to decline. The trader aims to buy back the Bitcoin at a lower price, repay the loan and profit from the price difference.
In addition to the potential future price movements and their effect on short sellers, the price momentum over the past 24 hours has caused the liquidation of nearly $328 million in leveraged positions. Of this total, $64 million were long positions, while $264 million were short positions.
Bitcoin has followed a sideways price action, trading in the $60,000 to $65,000 range for nearly a month since the block subsidy halving in April.
However, the price has increased by over 5% in the past few days, surpassing the $70,000 mark on Monday, May 20, to reach a new multiweek high. Within 24 hours, the top cryptocurrency was trading above $72,000.
Related: Bitcoin price hits $70K as spot and BTC ETF buying surges
The recent bullish price momentum is attributed to several factors, including increasing investor confidence, decreasing exchange supply and inflows into United States-base spot Bitcoin exchange-traded funds (ETFs) after nearly two weeks of net outflows.
On May 20, spot Bitcoin ETFs saw positive inflows totaling $235 million. ARK Invest led the way with the largest net inflow, adding over 1,000 BTC. BlackRock followed closely with an inflow of 965 BTC. Meanwhile, the Grayscale ETF, which had been experiencing weeks of outflows, recorded an inflow of 140 BTC, marking its fourth consecutive day of positive inflows.
The current bullish price action for BTC also helped it post new highs in various countries,including Japan, Singapore and Argentina.
Magazine: What do crypto market makers actually do? Liquidity, or manipulation
Read the rest here:
Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K - Cointelegraph
- Chinas Bitcoin Exchanges Say Banks Will Close Their Accounts [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How I created my own bitcoin [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How I created my own bitcoin-like currency [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin players knock on Washington doors [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How does Bitcoin work? - Bitcoin [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Should We Do a Bitcoin Sketch? - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin Talk Show #4 with Chris Ellis and Thomas Hunt - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin - an Introduction - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin ATM Unveiled on Capitol Hill - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Fla. Bitcoin Case Tests Money Laundering Limits - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Capitol Hill Bitcoin ATM...No Anonymity! April 10 2014 - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- BREAKING: US Congressman Steve Stockman To Introduce First Bitcoin Bill - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- 10 Things You Didn't Know About BitCoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- All about Bitcoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Internet vs Bitcoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin: The Future of Currency? - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Watching Bitcoin dropping to new lows - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin ATM unveiled in Washington DC: revolutionary digital currency arrives on Capitol Hill - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Qu'est-ce que le bitcoin ? - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Decentralize Everything -- Congresswoman Velazquez supports Bitcoin -- Stallman in Vienna - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Drake Bitcoin's Here Music Video - Bitcoin T Shirt Store - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- China tightens leash on bitcoin - Biz Wire - April 4,2014 - BONTV China - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- What is BITCOIN? Andreas Antonopoulos & Amir Taaki explain BTC value - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Texas Bitcoin Conference - Robocoin & Coinvault ATM - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Texas Bitcoin Conference - BitShares - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Is Bitcoin the Future of Money? (with Timothy B. Lee) - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Robert Murphy at Texas Bitcoin Conference 2014 about Austrian Economics, money theory and Bitcoin - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- CryptexCard - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Father of Virtual Reality on Bitcoin April 8 2014 - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- California's first bitcoin ATM launches in Silicon Valley - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin Fight Night: Kickboxing for bitcoin and Max Keiser 'defeats banksters' - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin blunder: Satoshi Nakamoto denies all involvement with cryptocurrency [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin gets easier for consumers to buy, spend [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- 11.04.14 Forex, Bitcoin Romanov Capital - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- USA: Capitol Hill gets its own Bitcoin ATM - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin, a moeda virtual. - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin creator Satoshi Nakamoto tracked down, but says story has no currency [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bitcoin's backers know they need to win you over [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- [Structure] Heartbleed and Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- BitCoin mining frame - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Where Do You Think US Bitcoin Regulations Are Headed? - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Dwyer 4-11-14 Bitcoin Update - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- 4/10/14 - China & BTC, Bitcoin Tax Solutions, Libra, BitInvest Coincards - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Ben Lawsky & NY Regulators on Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bill to Change IRS Ruling on Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bitcoin is not over! Bitcoin Indian Food Night Saturday! (adult language, parody and yelling) - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Demonstrating a Bitcoin ATM at Dig South - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- 10 Things You Didn t Know About BitCoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- How Bitcoin Works in 5 Minutes - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin Below $400, Massive Security Breach, 4,000 Merchants, and Congress - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Reddit Co-founder Alexis Ohanian talks Bitcoin security, Mt. Gox on Joe Rogan Experience - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Cointools: Drupal & Bitcoin == $awesome - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin ATM, Black Star Pastry, Rosebery, Sydney, Australia (Vending machine, BTM) - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- My Bitcoin Call to Alex Jones Infowars Digital Paper Wallets Storage - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- The Bitcoin Group #25 (Live) -- Bitcoin Sports -- Gox Buyout? -- Sidechains -- Dogecoin Merged? - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- 4/11/14 - China, Mt. Gox buyout, Gyft Cloud, BIT, new bitcoin symbol - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- 9 Year Old Explains Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- CITP Bitcoin Panel 2 Altcoins - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Why US Regulators Should Go Easy on Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- In Crypto We Trust Hackathon Pitches - Bitcoin Expo 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- CITP Bitcoin - Panel 1: Economics and Public Policy - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- David Chen of Lightspeed Ventures visits Plug and Play Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Video: Roundup of This Week's Bitcoin News 11th April 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Peace and Bitcoin Remastered - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- [Bitcoin] Cannot be divorced from pre-existing political theory - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin Trade 114 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Wall Street's Fair Value of Bitcoin - Inside Bitcoins NYC 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Elliotte Wave Technical Analysis Applied to Bitcoin - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Bitcoin Wisdom Depth Chart - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Live - Paris Bitcoin Startup #2 @TheFamily - Mercredi 16/04/2014 ds 19h - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Not Tax Day, Bitcoin Day! - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Preview: The Bitcoin Uprising - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- WCN Live: iNacho -- an interview with Jerica Truax -- win a bitcoin by rating Nachos! 🙂 - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Can You Use Bitcoin for a Tax Haven? - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- What Is Proof Of Stake In Nextcoin (NXT) vs. Proof Of Work In Bitcoin (BTC) - By Tai Zen - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Bitcoin, little failures and huge successes - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: Coin Unlimited over Bitcoin en altcoins - Edwin van den Ouden - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: Tor (The Onion Router) Joachim de Koning - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: First Steps in Ethereum - Joachim de Koning (part one) - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: First Steps in Ethereum Joachim de Koning (part two) - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]