Bitcoin price crossed the $69,000 threshold to once again trade at levels it had not achieved since the huge 2021 rally. This sudden rally caused a massive short squeeze, with nearly $2.74 billion worth of short positions being liquidated in just one day.
Bitcoin Leads $2.99B Crypto Liquidation Wave
Bitcoin headed the recent liquidation frenzy, contributing about $1.42 billion to the liquidations. Ethereum was second with about $1.13 billion, taking the total liquidations on crypto markets to nearly $2.99 billion.
Shorts were the worst hit during the liquidation wave, losing about $2.74 billion, whereas longs lost approximately $255.09 million.
The move also had an impact on some high-risk jobs. According to blockchain monitor Lookonchain, there was an investor who held a short position of 50,000 ETH worth $106 million in the wallet called pension-usdt.eth.
The losses suffered by the trader amounted to $23.9 million. The position had previously made close to $49 million in profit and won 23 consecutive trades before the liquidation.
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Bitcoin Price Liquidations Set a New Record
In terms of size, the most recent surge in Bitcoin price far exceeded several other short liquidation events in the past. According to reports from K33 Research, over $1 billion worth of Bitcoin futures had experienced short liquidations in a single day.
According to Vetle Lunde, head researcher at K33 Research, it is the first time Bitcoin short liquidation amounts to over $1 billion in a single day.
The most recent liquidation amount far exceeds past short liquidation figures like around $757 million in May 2021 and $694 million in November 2025.
Additionally, it is coming months after the significant crash of Bitcoin’s price on October 10, 2025, in which BTC had plummeted from over $126,000, resulting in total crypto liquidations of around $19 billion in a single day.
Bitcoin Price Outlook
Bitcoin has now staged a strong recovery from the $63,000 support zone. According to crypto analyst “The Martini Guy,” the near-term trend has changed after BTC returned to trade above critical levels of $64,000, $65,700, and $67,200.
The Bitcoin price is currently trading at $71,717, having tested resistance at $70,500. In the trader’s view, if BTC manages to break out above the resistance level of $70,500, then the way towards $71,500 and $72,000 would be cleared.
For now, the critical support lies at $67,200. If Bitcoin holds the current support level, then the ongoing uptrend may remain intact. Otherwise, a failure below the support level would result in further correction.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
