Bitcoin ($BTC) eventually regained $70,000 following a broad recovery in the crypto market. This recent rally quickly led to the liquidation of $300 million worth of short positions across the market in just 24 hours.
Liquidated $300 million crypto market short
as disclosed According to CoinGlass’ liquidation heatmap, the total liquidation volume in the crypto market reached $325 million in the past 24 hours.
Among these liquidations, liquidations from short position holders are carried out company-wide. cryptocurrency market The total amount reached $300 million. This means that bearish traders were forced to exit and their buybacks fueled the rally.
Intel: Over $300 million in short positions liquidated across crypto markets in the last 24 hours
— Solid Intel 📡 (@solidintel_x) April 6, 2026
In cryptocurrencies, a short position, usually in perpetual futures, is a bet that the price will fall. Traders want to borrow crypto assets, sell them quickly at the current price, and buy them back later at a lower price.
Conversely, if the price spikes, your position will begin to incur losses. As previously reported by U.Today, super liquid whale James Wynn lost $99.1 million betting against Bitcoin.
James previously had $100 million in his portfolio, but decided to short Bitcoin, probably due to recent price fluctuations.
He predicted that Bitcoin would continue to lose momentum, but the Bitcoin market has moved much faster than he expected. Leading stocks rose more than 3.4% in 24 hours.
Please note that if losses eat into your margin, the exchange will automatically liquidate your position to prevent further losses.
Closing a short sale requires buying back the asset. If many short sellers are liquidated at once, it can create a wave of forced purchases, pushing prices even higher.
Bitcoin leads cryptocurrency clearing
Bitcoin leads the crypto market in liquidations seen over the past 24 hours, according to data from CoinGlass. A total of $435,170 worth of $BTC It has been liquidated.
Long traders contributed to bulk liquidations, amounting to $435,030. Meanwhile, traders who shorted Bitcoin remained at $139.33.
As liquidation progresses, Bitcoin retests $70,000an important psychological level that was previously interacting. The $70,000 level acted as support, which triggered a short-term price rally.
However, Bitcoin quickly fell from $70,000 and is currently trading at $69,502. Still, the topcoin is up 3.9% in the past 24 hours and 2.2% in the last week.
Additionally, trading volume increased by more than 105% to $34.9 million. Such a rally suggests increased investor participation, which could help improve the price outlook.
