In a significant short squeeze of the month, Bitcoin (BTC) experienced a surge, surpassing $28,000 on Tuesday afternoon.

The leading cryptocurrency, with the highest market capitalization, remained relatively stable around $26,800 for most of the day before witnessing a rapid ascent to a peak of $28,150, as reported by CoinDesk Indices data.

While it has retraced some of its gains and currently hovers around $27,900, it still exhibits a 5.2% increase over the past 24 hours, outperforming many other digital assets, Coin Desk reported.

Traders who had anticipated a decline in prices faced substantial losses, with approximately $36.6 million in liquidations within the last 24 hours, according to CoinGlass data.

This marks the most significant amount of short liquidations since May 28, highlighting the impact of the recent surge in Bitcoin’s value.

Written by staff