Bitcoin climbs above 106K as $19.8M whale position liquidated

Bitcoin (CRYPTO:BTC) has surged to a new all-time high above $106,000 after a highly volatile 12-hour period, causing widespread market liquidations.

Data from CoinGlass reveals that the cryptocurrency’s sharp movement resulted in over $300 million in liquidations over the past 24 hours.

Nearly 100,000 traders were impacted, but one liquidation stood out as the largest single position.

The largest order occurred on Binance involving the BTC/USDT trading pair, with a trader losing $19.86 million.

It remains unclear whether the loss stemmed from a short position or an over-leveraged long, as Bitcoin retraced by approximately $2,000 immediately after reaching its peak.

CoinGlass data shows that 51% of the liquidations on Binance were from short positions, underscoring the risk of opening over-leveraged trades in an increasingly volatile market.

Bitcoin’s latest price action has also boosted its dominance over the broader crypto market.

Leading altcoins such as Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), Dogecoin (CRYPTO:DOGE), Cardano (CRYPTO:ADA), Avalanche (CRYPTO:AVAX), and Toncoin (CRYPTO:TON) recorded gains of 2-3% over the same period.

Among larger-cap cryptocurrencies, Sui (CRYPTO:SUI) saw the highest jump, rising by 9% to trade near $4.8.

Market volatility continues to serve as a cautionary tale for traders.

The rapid fluctuations in Bitcoin’s price highlight the need for risk management, particularly when leveraging positions.

With Bitcoin’s momentum now firmly reestablished, the market’s focus remains on whether the cryptocurrency can sustain its upward trajectory or face further corrections.

At the time of reporting, the price of Bitcoin (BTC) was $105,756.