Bitcoin’s price has surged over 3% to reach $102,500, and at one point, it even topped $104,000, marking the highest price since January. This surge was spurred by the announcement of a substantial trade deal between the U.K. and President Donald Trump, alongside record inflows into exchange-traded funds (ETFs) exceeding $40 billion.

Key Highlights:

• Approximately $400 million in short positions were liquidated within 24 hours due to Bitcoin’s price increase.
• The overall market cap, excluding Bitcoin, saw a rise of 10%, reaching $1.14 trillion, the highest since March 6.

Liquidations occur when traders’ account balances drop below the required margin, leading exchanges to automatically close their positions to limit additional losses. These substantial liquidations indicate a significant bearish tilt within the market, suggesting potential for further price increases.