Bitcoin shorters ‘are getting rekt’ after new $75K high

Bitcoin Surges to Record High, Liquidating Short Positions

Bitcoin traders who anticipated a price decline after the election have lost $180 million as the cryptocurrency soared above its previous all-time high, briefly reaching $75,000.

"The spot market is surging, and short sellers are getting hit hard," said Pav Hundal, lead analyst at Swftyx. "Traders are betting on a crypto resurgence, and our order books are dominated by buyers."

Bitcoin Short Positions Liquidated

On November 6th, Bitcoin (BTC) set a new high of $75,000.85 on Coinbase, surpassing its previous peak of $73,679 from March 13th. CoinGlass data shows that $179.12 million in Bitcoin short positions were liquidated in the subsequent four hours.

A total of $197.73 million in short and long positions were liquidated during the four-hour period after Bitcoin crossed $70,000. Source: CoinGlass

In the last 24 hours, total crypto market liquidations reached $483.16 million, with $358.19 million attributed to short bets. Bitcoin short sellers suffered the largest losses, with $251 million liquidated, followed by Dogecoin (DOGE) short sellers with $47 million.

Spot Buying Drives Price

Hundal believes that Bitcoin's price may experience a correction once the US trading day begins, regardless of the election outcome. However, he emphasizes that the surge is driven by spot buying, which he views as a positive sign.

"Spot buying creates lasting demand and price growth for Bitcoin because it involves actually holding coins," he said. "It's not a derivative-fueled pump."

Election-Driven Volatility May Have Peaked

Options traders, according to Derive founder Nick Forster, are beginning to believe that election-driven volatility may have reached its peak. "We expect short-term volatility to remain above normal, pricing in potential daily fluctuations of 4-5% as election results are announced," Forster said.

Bitcoin Price Targets

Meanwhile, ZX Squared Capital co-founder CK Zheng predicts that a Donald Trump victory could further boost Bitcoin's price as investors expect a favorable regulatory environment under his administration. 10x Research head of research Markus Thielen suggests that Bitcoin may reach $100,000 by Q1 2025.

Derive's Forster notes that "options market data still indicates a 15% chance that Bitcoin could surpass $100,000 by year-end."

This article does not provide investment advice or recommendations. All investing involves risk, and readers should conduct their own research before making any decisions.