The price of Bitcoin has surged past $116,000 for the first time, continuing its remarkable upward trend. This rapid increase has led to substantial liquidations of short positions, totaling over $500 million in a single hour. Most of these liquidations were short positions, with approximately $422 million attributed to them. As Bitcoin has risen 4.8% in the last 24 hours, gaining momentum after being rangebound below $112,000 for weeks, traders who bet against Bitcoin have suffered significant losses. Following this price movement, a notable amount of short liquidations implied mounting pressure on those expecting the cryptocurrency's price to fall. As the market changes, analysts ponder what is next for Bitcoin and its influence on the broader crypto market.

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