Bitcoin’s Rapid Price Rally has caught traders away and triggers large liquidations of bearish short positions.

The leading cryptocurrency with market value has risen over 3% to $ 102,500 in the last 24 hours, with prices of topped $ 104,000 at a time, the highest since January 31. The Bullish steps came when President Donald Trump announced a comprehensive trade agreement with Britain and the cumulative influx of the spot exchange photo funds (ETFS) hit a record height of 40 billion.

The wider market also gathered, with the total market sheath of all coins excluding BTC increase by 10% to $ 1.14 trillion, the highest since March 6, according to data source trading.

It has led to significant liquidations of Bearish short positions or geared plays aimed at taking advantage of price loss. A position is liquidated or forced closed when the trader’s account balance falls below the required margin level, often due to adverse price movements. This leads the exchange to close the position to prevent additional losses automatically.

Nearly $ 400 million in the BTC short positions was liquidated in the last 24 hours marked the highest single-day total since at least November, according to Coinglass. Meanwhile, $ 22 million in long positions was also wiped out.

This significant imbalance indicates that leverage was strongly tilted against the Bearish side, and the rapid liquidation of shorts suggests that there could be a more upward potential for the forward market.