Bitcoin Hits $60,000 For The First Time Ever, Crushing $250MM Worth Of Shorts

Four Assorted Cryptocurrency Coins

Back in mid-February, when Bitcoin (along with most high beta assets) tumbled by more than 25%, and fresh calls for the crypto's imminent death re-emerged, we told readers to keep calm and BTFD (because after all bitcoin is nothing more than the inverse bet on continued central bank idiocy and that particular bubble will never burst), and referred readers to the Bitcoin Obituaries page which has documented no less than 403 instances when bitcoin was pronounced dead by the mainstream press.

Fast forward one month to today when not only has bitcoin survived its latest "near death" experience, but overnight it hit $60,000 for the first time amid renewed optimism that the digital token will achieve even wider adoption, the same thesis we laid out at the start of the year (long before Elon Musk announced that Tesla was buying $1.5BN of the crypto) when bitcoin was trading at $30,000 and we said it would go to $100,000 next. Bitcoin has doubled since - is now up more than 1,000% over the past year - and is well on its way to our target.

The cryptocurrency traded at 60,012 just after 7am ET, surging during the Asian session, and rebounding in almost record time from the February rout.

As our friends over at skewTrading show, the moment bitcoin crossed above the major resistance level at $60,000, a burst of trading erupted as a stop-loss cascade was triggered and liquidated $250 million worth of shorts in just a few short hours.

Spot hourly volumes spiking on the $60k breakout

— skew (@skewdotcom) March 13, 2021

$BTC shorts rekt.

$250 million+ worth of shorts liquidated in the past 4 hours.

The question is, why short consolidation under major resistance?

— Joseph Young (@iamjosephyoung) March 13, 2021

"Bitcoin’s resilience is proving to be the stuff of legend," said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender. “Every correction is an opportunity to reset and restart the move upwards."

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Flat Broke 4 weeks ago Member's comment

Couldn't happen to nicer people.