$31 Million in Bitcoin Shorts Liquidated on Binance Amid Price Recovery

The Bitcoin price reached an all-time high of $108,786 in January but fell to around $74,000. It has since recovered and is currently above the six-figure mark. Analysts suggest that Bitcoin may be ready to resume its bullish run.

Binance Sees Largest Shorts Liquidation Since April

A large number of short positions were opened on Binance as Bitcoin's price declined.
As Bitcoin began its recovery, many shorts were liquidated, creating buying pressure.
A spike in liquidations occurred on May 8, with over $31 million in shorts wiped out on Binance.
The current funding rate is low at around 0.004, indicating a high volume of short positions and reluctance to go long among traders.
Further liquidations could enhance Bitcoin's bullish momentum and potentially drive prices above previous highs.

Bitcoin Price Overview

Current BTC price is approximately $104,335, marking a 1% increase in the last day and nearly 9% growth over the past week.