In the past hour, total liquidations across the network reached $42.54 million, with $35.50 million from long positions, with $7.04 million from short positions. BTC liquidation $23.08 million, ETH liquidation $10.24 million.

Odaily Planet Daily reports: A user named "Set 10 Big Goals First" posted on the X platform: "The market moved quickly today, and I didn't have time to start a thread. Here's an update on my current short position. 1. After the previous short position ended, I re-entered a short position around 76,000. The logic is quite simple. When I established a long position around 63,000, my target was 74,000. I believed the bull market had returned, and this judgment hasn't changed. However, I've always believed this round should be a volatile upward trend, not a direct jump to 84,000 or even 90,000 without any pullback. At least currently, from a macro and market structure perspective, I haven't seen enough signals to support this kind of movement. So, I re-entered a short position around 76,000. After establishing the position, the price quickly rose to a high of 79,500. The planned stop-loss wasn't executed as expected (I set a stop-loss in advance, but the system didn't execute it). 2." I've already reduced most of my short positions. This isn't because I've changed my judgment, but rather to control risk. If the price continues to rise sharply, it could reach 82,000 or even 84,000, so there's no need to gamble my entire position on a correct prediction. I'll continue to observe the remaining positions. If the daily close is effectively above 80,500, I'll admit this trade was a mistake, close it all, and take a break. If it ultimately fails to hold and weakens again, I'll consider adding back the reduced short positions. I'm not interested in going long again at this level; the risk-reward ratio is no longer favorable. 3. Finally, let me reiterate my overall direction. Last month, around 63,000, I clearly stated that this was a temporary bottom. This judgment remains unchanged. I'm still bullish on BTC in the medium to long term, but being bullish in the medium to long term and shorting in certain areas are not contradictory. I'm shorting this time to bet on a pullback during the uptrend, not to revert to a bear market. If I'm wrong, I'll admit it above 80,500. If I'm right, I'll continue to execute the plan. I still believe that next year... We will see 100,000 BTC this month.

Odaily Planet Daily reports that Bitcoin's recent breakout above a key price level has sparked debate about whether a new bull market has begun. Some analysts believe that the rapid rise, concentrated short covering, and technical breakout are typical signals of a market bottom reversal, but others warn that the macroeconomic environment and capital inflows remain crucial in determining the sustainability of the rally. Mati Greenspan, founder of Quantum Economics, stated that Bitcoin's recent upward movement is very similar to historical bottom formation phases, typically accompanied by short squeezes, large single-day rallies, and breakthroughs in important technical resistance levels, followed by a re-entry of investors who missed the initial move. He believes the probability of a significant Bitcoin pullback is decreasing, and market FOMO (fear of missing out) may intensify further. However, Jason Fernandes, co-founder of AdLunam, remains cautious. He stated that without sustained inflows into spot ETFs and clear signals of interest rate cuts, the bear market cannot be confirmed as over, and Bitcoin may lose upward momentum near the upper resistance level. Analysts point out that this rally is driven by multiple factors, including the US Treasury's expansion of its Treasury bond buyback program, declining long-term yields, and improved sentiment towards risk assets. Previously, Bitcoin had been fluctuating between $64,000 and $66,000 for an extended period, accumulating a large number of short positions. The breakout triggered a chain reaction of liquidations in the derivatives market, accelerating the price increase. Tobias Power, co-founder of TBV, pointed out that Binance's Bitcoin futures trading volume reached $1.26 billion within one minute, 361 times the normal level, while funding rates rose to the exchange's maximum, indicating crowded leveraged long positions and rising trading costs for those chasing the price upwards. (CoinDesk)