I just saw Bitcoin and Ether break out sharply today, and immediately many crypto short positions were liquidated. It seems that almost $700 million short positions were liquidated in a short period of time. The movement is quite aggressive, so traders who are shorting are definitely feeling the impact.

This is typical when the market suddenly breaks out. When too many crypto short positions are accumulated, and then the price suddenly rises quickly, they are automatically forced to be liquidated. It's a domino effect. Many haven't expected such an aggressive movement.

The market is showing strength, especially these two dominant assets. It's interesting to see this kind of momentum; it can usually continue or lead to a retracement. It depends on which support and resistance levels hold. Anyway, today's action was quite explosive for crypto short positions.