Bitcoin">Bitcoin soared close to $40,000 on Saturday, its highest level since May 2022. The rally led cryptocurrency traders to face over $100 million in liquidations across exchanges.
Most of the record daily liquidations resulted from short positions, indicating traders betting against further upside were caught off guard.
BTC touched the critical $40k figure but has yet to firmly settle above it. Nonetheless, the surge represents a recovery toward 2022’s all-time high near $69k.
Major altcoins like Chainlink also posted gains exceeding 7% on Bitcoin’s coattails. However, Crypto typically retraces on weekends, leaving Bitcoin’s ability to hold above $40k uncertain despite bullish momentum.
The monster liquidation figure comes as volatile swings persist during the ongoing market bottoming process. Traders must remain cautious with leverage while looking for confirmation of a bullish trend change.
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