In an astonishing Monday morning rally, the price of Bitcoin BTC/USD surged past the $31,000 mark, only to gain further momentum and exceed $34,000 later in the day, according to data from CoinGecko. 

What Happened: This new milestone not only set a record high for 2023 but also reached values that haven’t been witnessed since May of last year. The sudden surge in Bitcoin’s price triggered a torrent of BTC shorts, resulting in a staggering $170 million in liquidations within the past 24 hours, as reported by analytics firm CoinGlass.

The majority of the BTC short positions were concentrated on prominent exchanges like Huobi, Binance, and OKX. Huobi accounted for the highest number of…

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