Massive $1 Billion in Liquidations as Bitcoin Taps $87K: What’s Next?

Bitcoin’s price is closing in on $87,000 following an explosive rally, which triggered over $1 billion in liquidations across the crypto derivatives market.

The cryptocurrency reached an intraday high at exactly $87,000 (at the time of this writing), with its total market cap climbing toward $1.8 trillion.

Source: TradingView The move extends Bitcoin’s impressive recovery from approximately $75,000 last week and has pushed it to its highest price since January. Shorts Get Crushed as BTC Rallies Higher The sharp move caught leveraged traders positioned for further downside.

Data from CoinGlass shows that roughly $1 billion worth of positions were liquidated, of which $900 million were short.