Bitcoin briefly reclaimed the $70,000 psychological level on Monday, marking its first time testing these heights since March. The sudden price movement caught many traders unprepared, particularly those betting against the cryptocurrency's rise.
The surge above $70,000 was short-lived, but long enough to trigger significant market disruption. According to the report, crypto liquidations topped $75 million, with over $70 million coming specifically from short positions that were forced to close as Bitcoin's price moved against bearish bets.