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.

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. More than 139,000 traders saw their positions force-closed, with the single largest liquidation happening on Hyperliquid, which carried a face value of slightly over $20 million.

This massive imbalance suggests that forced short closures provided additional momentum as $BTC cleared several resistance levels in quick succession – an avalanche-like event, if you will.

This is called a short squeeze or a liquidation cascade.

• From Bear Trap to $88K: Analyst Reveals Why Bitcoin’s Rally Isn’t Over
• Bitcoin ($BTC) Just Reached $86K: There’s Just One Problem
• Liquidations Top $750M as $BTC, ETH, and XRP Rocket to New Local Peaks