Bitcoin (BTC) achieved a market high of USD 55,172 today, after breaking above a key resistance level in the chart at approximately USD 52,700 for the first time since May.
The surge also pushed the number one cryptocurrency’s market value above the psychologically crucial USD 1 trillion level.
BTC was trading at 54,239 USD, down marginally from its high of over USD 55,000 earlier today.
The price has increased by 9% in the last 24 hours, making it one of today’s top performers in the cryptocurrency market.
According to statistics from Bybt.com, the sudden surge in bitcoin price resulted in a significant increase in bitcoin short positions being liquidated.
Bitcoin shorts totaling almost USD 151 million were liquidated across all major exchanges in the last four hours, a substantial increase from the USD 4.3 million in shorts liquidated in the previous four hours.
However, according to Ki Young Ju, CEO of CryptoQuant, today’s price surge might be due to increasing purchasing pressure rather than a ripple of liquidations.
According to the CEO’s statistics, someone purchased USD 1.6 billion worth of Bitcoin using market orders only five minutes earlier today.
The gain in bitcoin’s price was followed by a more moderate rise in the price of other major crypto assets, with Ethereum (ETH) increasing 3% in the last 24 hours and Cardano (ADA) reducing its losses from earlier today to finish up down just 1% in the last 24 hours.