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The Bitcoin price briefly spiked to the mid-$27,000s on Wednesday, wiping out short positions worth millions of dollars. The price of Bitcoin rose from $26,200 to $27,400 within minutes, but then quickly retreated back to around $26,500-26,600.
As of this writing, Bitcoin is currently trading at $26,800 — slightly higher from where it opened the day at $26,700.
The sudden spike saw the liquidation of almost $32 million worth of Bitcoin short contracts, according to data from Bybt. At the time of writing, the total liquidations for the day amount to $315 million, on traders who risked an excessive amount of their capital to bet against a BTC rally
Looking ahead, technical analysts poll say that the Bitcoin price could be headed to a new all-time high. With major institutional investors still showing immense interest in the cryptocurrency, this isn’t outside the realm possibility.
However, there is still a considerable amount of uncertainty in the market, and the Bitcoin price could also suffer a hefty correction. Short-term traders and investors should stay vigilant and continue to exercise caution with their long and short positions.