Bitcoin price surges above $47K in minutes, liquidating $270M in shorts
October already feels like a different planet to September for traders as abrupt upside sees resistance levels fall like dominoes.
Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic “short squeeze” liquidated over $270 million of crypto positions in under an hour.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $47,800 on Bitstamp, jumping $3,000 in minutes.
A familiar setup for traders, the upward volatility followed signs that a BTC price recovery was already on the way Thursday, particularly as the dollar struggled.
539 #BTC shorts liquidated in 1 minute sending #Bitcoin to 47k.