'Goodbye Bears'? Bitcoin Surges, Liquidating $270M Short Positions In One Hour

The market-leading cryptocurrency is surging on Friday, adding more than $4,000 to its price over the past 24 hours.

What Happened: Bitcoin BTC/USD rallied to a price of $47,600 earlier today. The digital asset was trading at around $44,900 at 6:30 a.m. ET before surging 6% in just 10 minutes to $47,600.

Goodbye bears.

— Michaël van de Poppe (@CryptoMichNL) October 1, 2021

“Goodbye bears,” tweeted popular market analyst Michaël van de Poppe. following the bullish price action which bore significant consequences for those betting against Bitcoin.

$270M liquidations in an hour

say hi to uptober

— Lex Moskovski 🔺 (@mskvsk) October 1, 2021

539 #BTC shorts liquidated in 1 minute sending #Bitcoin to 47k.

Squeeeeeeeeezed pic.twitter.com/Uf2CzvndcC

 

— Daniel Joe (@DanielJoe916) October 1, 2021

See Also: Bitcoin, Ethereum, Dogecoin Buoyant Exiting September, Analysts Watch For October Recovery

According to liquidation data from Bybt, $270 million worth of short positions were liquidated within the span of one hour.

Large-cap altcoins followed Bitcoin’s price action. Ethereum ETH/USD gained 9%, Cardano ADA/USD gained 7%, Dogecoin DOGE/USD gained 8% and Solana SOL/USD rose by 13.56% over 24-hours.

Photo: Executium on Unsplash