Bears Lose $350M as Bitcoin (BTC) Reclaims $92k

Following many days of continuous downtrend, the crypto market has witnessed a sharp turn, with many investors filling their bags with large positions in various coins. According to CoinMarketCap data, the entire market capitalization soared by almost 10% on Monday, surpassing $3.12 trillion.

Following the uptrend, about 100,000 leverage traders who had opened short positions were forced out of the market as it moved against their predictions. This resulted in over $350 million in losses.

Crypto Market Recovers Nearly 10%

Notably, the surge pushed the world’s leading cryptocurrency, bitcoin, by over 8%, from $83,500 to over $92,000 in less than 24 hours, hinting at rekindled interest in the apex coin. Data from the liquidations tracker CoinGlass shows that bitcoin bears lost over $180 million on their positions.

In fact, the highest single loss from Monday’s uptrend hit a trader who risked $13 million on a BTCUSD short position on the Bybit crypto exchange. This speculator was liquidated when the market unexpectedly turned green.

Other high market-cap coins also move northwards. Ethereum surpassed the $3,000 resistance, while SOL rose by over 12% to $140, and BNB rose 8% to $885.

Consequently, ETH ripped off traders to the tune of almost $100 million. Many speculators who expected continuous downward movement for SOL also lost about $17 million.

Will the Uptrend Continue?

Notably, the surge to $92,000 on Monday plays out a recent analysis. One factor contributing to the uptrend is the expectation of a rate cut in December, despite the Federal Reserve Chairman’s statement that there will be no rate cuts.

Considering recent market behaviour, including extreme deleveraging, capitulation among short-term holders, and selling exhaustion, the crypto market is expected to remain in an uptrend, as these factors have reduced selling pressure on bitcoin and other cryptocurrencies.

Meanwhile, famous Market analyst Peter Brandt recently predicted that bitcoin’s next significant surge could reach $250,000. This would represent an over 150% surge from its current price. One factor that will push this uptrend is increased institutional adoption, as in the case of a famous U.S. bitcoin hodler, Strategy, that now holds 650,000 BTC. The massive inflows into publicly listed bitcoin investment products also boost confidence in a forthcoming uptrend.

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