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BTC 
ETH Bitcoin prices topped US$69,000, hitting their highest level since the market peak in 2021, triggering massive position liquidations on major cryptocurrency exchanges.
Record short clearing in cryptocurrency market
This rise triggered a severe short squeeze, resulting in the clearing of short positions in a single day of nearly US$2.74 billion. The total clearing amount in the cryptocurrency market is approximately US$2.99 billion, the vast majority of which comes from short trading, while the clearing amount of long positions is only US$255.09 million.
Bitcoin accounted for approximately US$1.42 billion of these liquidations, while Ethereum contributed approximately US$1.13 billion. The scale of this liquidation exceeds many previous short liquidation events in this field.
Market data shows that the bitcoin short clearing amount exceeded US$1 billion for the first time in one day. Several previous significant short liquidations occurred in May 2021 ($757 million) and November 2025 ($694 million), making this week's data a new milestone for the market.
Just a few months ago, the market experienced a severe collapse on October 10, 2025. Bitcoin plummeted from a high of more than US$126,000, triggering a total liquidation amount of US$19 billion in cryptocurrency in a single day.
Investor losses and market trends
One of the most costly cases in the latest wave of liquidations was a large trader identified through the wallet address "pension-usdt.eth." The 50,000 short Ethereum positions held by the investor (valued at $106 million) were fully liquidated. The trader had previously recorded a profit of $49 million and held a record of 23 consecutive trade wins. In this incident, the wallet actually lost US$23.9 million after the US$106 million short position in Ethereum was completely liquidated. Ethereum's high volatility played a key role in the rapid liquidation, as investors failed to effectively manage risk exposure during the price rise.
Bitcoin Technical Outlook
Bitcoin's short-term market structure has changed after rebounding from the US$63,000 support area. Analysts pointed out that the recent trend has turned positive as Bitcoin trading prices break through multiple key levels such as $64,000,$65,700 and $67,200. Bitcoin pulled back after testing resistance at $70,500 and consolidated around $68,018. The price has since continued to rise and is currently trading at $71,717, and if it can break through the resistance level of $70,500, it seems expected to move further. The main support level is set at US$67,200, maintaining this level will maintain a short-term upward trend, while a break below this level may trigger new selling pressure and pullbacks. Price targets discussed by analysts include $71,500 and $72,000, provided current resistance levels are breached.
