Bitcoin (BTC) passing $ 30,000 and reaching highs of nearly $ 31,000 has caused immense pain for traders betting on a bearish pullback.

Overview of the cryptocurrency market. Source: Coin360

Data from CoinTelegraph Markets, Cryptometer and TradingView confirmed that when BTC / USD peaked at $ 30,960 on Jan. 2, it liquidated $ 100 million worth of shorts.

BTC shorters are feeling the burn … again

Amid highly volatile circumstances, Bitcoin attempted to crack $ 30,000 several times on New Year’s Day and the night before finally clinching the psychologically significant level on Saturday.

BTC / USD 1 minute candle chart. Source: TradingView

The move was accompanied by a bullish attack that quickly took the largest cryptocurrency even higher, with press time levels attempting to crack $ 31,000.

While many were partying, some were far worse off than a few minutes earlier.

“I am shocked, shocked to find out that gambling is done here!” a telling tweet from a bot tracking liquidated trades on derivatives giant BitMEX.

Figures suggest that shorters on BitMEX have only lost $ 10 million, a stark reminder of the dangers involved in re-guessing Bitcoin at crucial levels.

Dogecoin leads sudden altcoin gains

Elsewhere, altcoin markets started to see their own changes. Dogecoin (DOGE), a curious amover, got 42% on the day, while leader Ether (ETH) rose above $ 750 again.

Cointelegraph Markets Analyst Michaël van de Poppe, who believes this month will herald the beginning of a wider “alt season” was characteristically bullish.

“The higher this impulse wave goes for #Bitcoin, the higher the next one will be. 2021 will be fire,” he says. tweeted as $ 30,000 hit.