Bitcoin price quickly climbs to $ 31,000 and liquidates $ 100 million in shorts

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Bitcoin (BTC) surpassing $ 30,000 and hitting highs of nearly $ 31,000 has been causing a lot of pain for traders betting on a bearish pullback.

Cryptocurrency market overview. Source: Coin360

Data from Cointelegraph Markets, Cryptometer and TradingView confirmed that BTC / USD peaked at $ 30,960 on Jan. 2 and liquidated short positions of $ 100 million.

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BTC shorters are feeling the burn … again

Under very volatile conditions, Bitcoin tried several times on New Year’s Day and overnight to crack $ 30,000 before finally reaching psychologically significant levels on Saturday.

BTC / USD 1 minute candlestick chart. Source: TradingView

The move was accompanied by a bullish charge that soon boosted the largest cryptocurrency even further, with press time trying to crack $ 31,000.

While many were partying, some were far worse off than just minutes before.

“I’m shocked, shocked to see they’re playing here!” A meaningful tweet from a bot tracking liquidated deals with the derivatives giant BitMEX.

Numbers suggest that shorters on BitMEX alone lost $ 10 million, a grim reminder of the dangers associated with second guessing Bitcoin at crucial levels.

Dogecoin leads to sudden altcoin gains

Elsewhere, the altcoin markets showed their own changes. Dogecoin (DOGE), a curious amover, gained 42% that day while Leader Ether (ETH) surged back above $ 750.

Cointelegraph Markets analyst Michaël van de Poppe, who believes this month will usher in the start of a broader “old season”, was characteristically bullish.

“The higher this impulse wave is for #Bitcoin, the higher the next one will be. 2021 will be a fire,” he tweeted as a $ 30,000 hit.