Bitcoin's sudden price surge resulted in massive short liquidations

Bitcoin’s surge through $6,000 took many by surprise, and with FOMO pushing these prices even higher, many traders liquidated their shorts across various exchanges.

BitMEX rekt, a Twitter bot that tracks liquidated orders across the market blew up on May 10 at around 21:00 (UTC) right as Bitcoin began to surge, AMBCrypto reports. At the time, Bitcoin was trading at $6,200 and spiked 11% in nine hours.

While Bitcoin’s price pump has many optimistic about the potential of a new bull run, many traders have been expressing concern, stating Bitcoin might be about to top out with a retracement set to follow. Prominent crypto trader The Crypto Dog recently tweeted “I think we’re finally about to top out,” explaining that while the market is undeniably bullish, Bitcoin’s charts are beginning to show a peak forming.