Bitcoin’s Price Explodes Above $51K, Adding $1500 in Hours

Bitcoin’s price is showing little signs of weakness as yesterday’s dip was quickly bought up.

In less than two hours, the price exploded to above $51K, adding more than $1500. As seen in the chart below, BTC currently trades at $51,200, representing an increase of around 2.4% in the past hour.

Data from Coinglass reveals that this sudden move has caught short sellers unprepared. In the past hour, the total short liquidations exceeded $33 million, whereas the long liquidations were merely $400K.

In fact, for the past 4 hours, 97% of all leveraged positions that were liquidated were short. It appears that the buyers are currently in control of the market.

Other altcoins followed suit. In fact, ETH is up exactly as much as BTC during the mentioned period and managed to top $2.7K, at the time of this writing.