BitMEX Liquidations Shows Why Bitcoin Abruptly Surged by $1,000 Overnight

Most of the liquidations that occurred on BitMEX on December 18 were short contracts. It shows that over-leveraged shorts were squeezed out, pushing the bitcoin price up so quick in a short time frame.
70% of liquidations were shorts
According to Skew Research, the overwhelming majority of bitcoin contract liquidations on BitMEX were shorts.
The research firm said:
“Not that many buy liquidations despite bitcoin jumping nearly $1,000 yesterday 70% of liquidations were SELL in last three da