Bitcoin (BTC) Price Rally Leaves Short Sellers Reeling as Liquidations Top $197 Million

The Bitcoin price's latest rally has left short sellers reeling after the cryptocurrency's price surged past $75,000 earlier today.

As the Bitcoin price continues its record-breaking rally, short sellers have been left reeling after the cryptocurrency’s price surged past $75,000 earlier today.

BTC hit an all-time high of $75,000.85 on Nov. 6, shattering its previous record of $73,679 set in March. This rapid ascent triggered a wave of liquidations, with traders in short positions losing a total of $197.7 million, according to CoinGlass.

Bitcoin Short Liquidations. | Source: Coinglass

The four-hour spike, which saw BTC rapidly break through multiple resistance levels, caught short sellers off guard and forced several traders to close their positions quickly. In total, $197.7 million in short and long positions were liquidated within those hours.

This trend suggests that the current rally is largely driven by direct demand for actual Bitcoin, rather than its derivatives. Unlike derivative spikes, spot-driven price gains are often more sustainable, as they represent an actual increase in the asset’s demand.

Crypto Market Liquidations Surpassed $480 Million

As with Bitcoin, short positions in other popular cryptocurrencies, such as Dogecoin, were also impacted, with $47 million liquidated in that market alone. Within the past day, the overall liquidations in the crypto market reached $483 million, with short positions accounting for $358 million across leading crypto assets.

The wave of liquidations highlights the vulnerability of short positions in a market where prices are surging due to high spot demand.

Bitcoin Price Movement Amid Whale Accumulations

Moreover, the Crypto Fear & Greed Index remained above 70, indicating a “greed” sentiment and reflecting the rising interest in crypto assets following Donald Trump’s win. This sentiment is also evident in the reactions of large holders to the Bitcoin price spike.

Crypto Fear & Greed Index. | Source: alternative.me

In a Nov. 6 post on X, the crypto intelligence platform Lookonchain highlighted multiple Bitcoin whale movements. These whales withdrew over 1,806 BTC, valued at more than $132 million, from Binance, the world’s largest cryptocurrency exchange, and distributed it across eleven newly created cryptocurrency wallets.

Their actions have sparked discussions about a sustained Bitcoin price rally in the coming weeks, which could see the leading cryptocurrency trade above $100,000. After retracing from its all-time high, Bitcoin’s price is $73,838 at the time of writing, according to Coingecko.

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