Bitcoin climbed to $104,000 yesterday with a gain exceeding 3%, crossing the psychological threshold of $100,000 for the first time since February and returning to the center of investor interest. This rapid rise caught many investors off guard, leading to large-scale liquidations, particularly for short investors who had taken positions betting on a price decline.
According to CoinGlass data, approximately $400 million in short positions were liquidated in the last 24 hours, while $22 million in long positions were also forced to close. The imbalance in these liquidations indicates that leverage positions in the market were predominantly bearish, and the closing of these positions further accelerated the rally.
Key factors triggering the rise included US President Donald Trump's announcement of a trade agreement reached with the United Kingdom and positive signals regarding new talks to be held with China. Additionally, total inflows into spot Bitcoin ETFs surpassing $40 billion to set a record also supported the market's upward momentum.
With these developments, the total market value of non-BTC crypto assets increased by 10% to reach $1.14 trillion. Bitcoin's strong breakout above $100,000 brings the possibility of retesting the record level of $109,000 seen at the end of January back onto the agenda.
News Source: 12punto
