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Bitcoin short squeeze triggers record $2.7B liquidations as BTC nears $70K

Market News
20 Aug 2026
Tokenpost
View Source
Bullish
Bitcoin short squeeze triggers record $2.7B liquidations as BTC nears $70K

Bitcoin's price rally toward $70,000 caused a record $2.7 billion in short position liquidations within 24 hours, the largest since 2021. Total crypto liquidations hit nearly $3 billion, with shorts accounting for 92% of losses, showing intense short squeeze pressure. This surpasses the previous record short liquidations during the October 2025 crypto crash. Bitcoin traded around $69,100 after rising 8% in a day, but sustaining gains will depend on fresh buying since short covering momentum fades once positions close.

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