Bitcoin reclaimed above the $70,000 psychological level on Monday, testing levels last seen in March.
The move caught traders off-guard, especially the naysayers, blowing tens of millions in positions out of the water.
Bitcoin Briefly Tests $70,000, Liquidates Over $70 Million Short Positions
The move above $70,000 lasted only briefly, with the pioneer crypto trading for $69,743 as of this writing after recording an intra-day high of $70,283 on the Binance exchange.
The move was abrupt, blowing out $71 million in short positions while nearly $4 million in positions were also liquidated. Total liquidations in the last hour reached $75 million.
According to data from Coinglass, 85,506 traders were liquidated over the past 24 hours, with total liquidations totaling $324.83 million.
The move above $70,000 inspired bullish bets among Bitcoin traders, as the Weighted Volume Profile Pivot Points (WVPPP) indicator showed a strong bullish signal above the $70,000 psychological level.
Looking at the above 4H BTC/USDT chart with the WVPPP indicator, above $70,000, the WVPPP bars thin out dramatically. Buy-side dominance runs 70–80% at current levels near $70,283, but participation drops fast above $70,500.
The $70,500–$71,500 range is a low-volume gap with minimal resistance. Sellers only clustered near the $71,961 high. Thin air fast moves likely in either direction.