Bitcoin’s recent rally is leaving short sellers behind, as over $1 billion in bearish crypto positions were wiped out in just 24 hours. According to Coinglass, more than 279,000 traders were liquidated during the surge, with Bitcoin hitting a record high of $118,847. The biggest single liquidation—worth $88.5 million—occurred on the HTX exchange. Altogether, liquidations across all tokens totaled around $1.29 billion, making this the largest single-day shakeout of the year. The surge started on Thursday, right after U.S. President Donald Trump announced a new wave of trade measures that dragged stock prices down.

While equities dipped, Bitcoin broke out of a two-month slump and climbed past $118,000 early Friday in London. Interestingly, some options traders are now betting that it could hit $150,000. On top of that, investors are seeing positive signs, such as increased money flowing into crypto ETFs, as well as U.S. lawmakers planning to declare next week as “Crypto Week,” where lawmakers will discuss a group of bills that could shape how the crypto industry is regulated. Even China, which banned crypto speculation four years ago, seems to be reconsidering its stance.

Traders and analysts are offering different explanations for the sudden price surge. Some believe that Bitcoin is attracting investors looking for safety during trade uncertainty, while others credit retail buyers and key technical trends. Many also point to recent positive developments around U.S. crypto regulations that have helped build momentum. It is worth noting that this crypto rally is the opposite of what happened after Trump’s “Liberation Day” tariffs in April. Indeed, back then, both stocks and Bitcoin fell before rebounding. But this time, Bitcoin has far outpaced the stock market.

Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 16 indicators are Bullish, compared to one Bearish and five Neutral indicators.

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