Bitcoin’s $63.7K Surge Triggers $504M Short Liquidations
Bitcoin's rebound to $63,700 wiped out $504 million in short bets in 24 hours, while renewed Middle East tensions pulled prices back.
The update
Bitcoin rebounded sharply from last week’s lows, climbing to a high of $63,700. The surge triggered the largest daily losses for short sellers since late April, totaling $504 million. Total crypto liquidations reached about $655 million, affecting over 104,000 traders. Bitcoin and ether positions accounted for the bulk of the forced closures. The single biggest forced closure was a $12.3 million bitcoin futures position on the exchange OKX.
Why it matters
This move caps a volatile stretch for the world’s largest cryptocurrency. Bitcoin fell nearly 14% last week and briefly traded below $60,000, dragged down by a sale by Strategy and outflows from spot bitcoin exchange-traded funds. Many traders piled into shorts near the lows, then got caught when bitcoin rebounded. The market is now watching for signs of a sustainable rally or further downside.
What to watch
A fresh flare-up between Iran and Israel pulled prices back to around $62,900 on Monday. Renewed Middle East tensions sent oil up more than 3% and Asian stocks sharply lower. Bitcoin is also facing key U.S. inflation data and major IPOs this week. Traders are closely monitoring whether Bitcoin can hold above $60,000 and if the oversold technical conditions, with the RSI dropping to 15.5, will support a rebound toward $70,000.
Sources
- CoinDesk — Liquidation figures, price movements, and market context
- CoinTelegraph — Technical analysis and historical comparison