The Bitcoin price attempted to break above the $60,000 level on Sunday, but was met with a strong rejection from that level, leading to a sudden surge in Bitcoin short positions. Currently, the BTC price is trading at $58,515, down 1.7%, with a market cap of $1.115 trillion.

Bitcoin Short Positions on the Rise

As soon as the Bitcoin price hit $60,000, Bitcoin short positions became aggressive across many exchanges, with 24-hour short volumes increasing by 118% to over $18.30 billion. HODL15Capital noted that there was a huge imbalance between different crypto exchanges, including Deribit, Bitmex, Bitfinex, Kraken, and HTX.

Additionally, the Twitter account suggested that 50x and 100x leveraged positions on the Binance crypto exchange could soon be liquidated, indicating a possible market shift.

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The wide-ranging liquidation data shows that over $77 million was liquidated across the entire crypto market in the past 24 hours. $50 million of these were long position liquidations and $26 million were short position liquidations. Ethereum contributed the most liquidations with $19.5 million.

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