• Over $100 million XBT contract liquidated in the past 24 hours on BitMEX as BTC spikes past $8,700.
  • Bitcoin shorts represent over 95% of the total liquidated volume on Wednesday.
  • Can Bitcoin bulls close up the CME Gap to $9,100?

In a dramatic day for Bitcoin (BTC), bulls pushed the price of BitMEX’s XBT futures past the $8,700, breaking key resistance levels at $8,400 and $8,600 along the way. As the price soared 10% in hours from sub-$8,000 levels, Bitcoin bears suffered huge losses on their bets with price continuing its journey to $9,000.

According to data on Datamish, a crypto trading data aggregator, BitMEX liquidated 322 short positions on its XBT contracts valued at $96.8 million USD over the past 24 hours. Notwithstanding, the intraday movements on BTC’s price on its road to $8,700 capitulated $5.1 million worth of XBT long contracts.

Over $100 million XBT contracts liquidated on Wednesday, Apr, 29 (Image: Datamish)

The bloody market saw three large short contracts of $6.8 million, $6.1 million and 4.8 million liquidated. The three represent the largest contracts liquidated over the past month on BitMEX.

Bitfinex, a crypto futures exchange, also saw a boost in bear liquidations as 342 short contracts were liquidated. This represents a total of 467.5 BTC liquidated on the platform. No longs were liquidated over the past 24 hours on the platform.

Bitcoin on a path to close the CME gap at $9,100?

The massive run on Apr. 29 may be linked to the CME gap at $9,100 as spot buyers aim to close in and make a quick profit. According to TradingView’s daily charts, BTCUSD touched an intraday high of $8,800, crossing past the SMA 100 line, signaling a bullish run in the offing.

Image: TradingView

However, the RSI oscillates at overbought levels at 77 signaling a possible pullback if bulls fail to maintain the $8,600 key resistance. A retest to this level may set the market back on trend to $9,000s.

Source: Coin GApe