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Bitcoin (BTC) triggered $24 million of liquidations on BitMEX alone Aug. 17 as a fresh move saw markets reclaim $12,000.

Cryptocurrency market daily snapshot, Aug. 17. Source: Coin360

BTC price “clear fake-out” costs shorters big

Data from Cointelegraph Markets and Coin360 showed BTC/USD hitting $12,200 briefly on Monday.

A subsequent correction managed to erase the gains and more, bouncing at $11,785 to recross the $12,000 mark — all within a matter of minutes.

At press time, Bitcoin circled $12,080, equating to 24-hour gains of 2.5% and the highest price for over a year.

BTC/USD 24-hour chart. Source: Coin360

BTC/USD 24-hour chart. Source: Coin360

Despite the psychological significance of $12,000, few appeared convinced that Monday’s move upwards was a legitimate watershed moment.

“Clear fake-out to take liquidity,” Cointelegraph Markets analyst Michaël van de Poppe summarized.

On BitMEX, the results of the few minutes’ volatility were plain to see — $22.1 million of shorts liquidated on Monday, compared with just $1.7 million the day before.

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