Here was the moment Bitcoin surpassed $61k for the first time in history

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The Bitcoin ($BTC) price burst through $61,000 for the first time in four weeks at 05:00 UTC on Saturday (April 10), liquidating about $400 million in short BTC bets through large derivatives exchanges.

According to TradingView data, the Bitcoin price went above $61,000 on the crypto exchange Bitstamp around 05:00 UTC, and a minute later hit $61,158, which is today’s intraday peak. Bitcoin last traded above $61,000 on March 13, when it reached an all-time high of $61,627.

One-Month BTC-USD Chart (Bitstamp) by TradingView

According to Bybt, at 05:00 UTC on April 10, over $379 million in short BTC positions got liquidated across major crypto exchanges.

Here is how crypto analyst Alex Krüger summarized what happened to the BTC shorts: “Bitcoin shorts just got steamrolled by a wave of leveraged longs.”

As of 08:40 UTC on April 10, funding rates for BTC perpetual swaps are positive. On Binance, the funding rate is 0.1889% and on OKEx it is 0.2128%.

Here is how Bybt says we should interpet these numbers:

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Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders.

According to data by CryptoCompare, currently (as of 08:50 UTC on April 10), Bitcoin is trading around $60,534, up 4.78% in the past 24-hour period.

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