![Bitcoin surges to new yearly high of $35.9k, causing over $100M in short liquidations](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/11/insights-liquidation-heatmap.jpg&w=70&h=37&q=75)
Quick Take
Bitcoin has achieved a new milestone, fortifying a support level at $35,000 and hitting fresh year-to-date highs last night on Nov. 1. In the past 24 hours, per data from Coinglass, a staggering 60,851 traders have faced liquidations, leading to a cumulative loss of approximately $160 million.
A deeper dive into the data reveals an interesting trend. Over $100 million of the liquidated amount was due to short liquidations, making up nearly 62% of the total liquidations. This indicates an overwhelming majority of traders betting against digital assets performance were caught off guard by this sudden uptick, resulting in considerable losses.
Furthermore, Binance, a leading cryptocurrency exchange, contributed a majority share to this phenomenon with $76 million worth of liquidations.
![Liquidation heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/binanc.png)
Upon examining the liquidation heatmap on Binance for the BTC/USDT pair, it becomes evident that there’s a significant liquidation threshold at $35,000. Should this support level be violated, it could potentially trigger a downward trend for Bitcoin. Notably, there are two substantial liquidation levels at around $34,000, each estimated to be approximately $140 million, further reinforcing the critical significance of these price points in the market dynamics.
![BTC/USDT Binance Liquidation Heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/liq1.png)