Bitcoin jump around $1,500 triggers $110 million in liquidation

Bitcoin price has been relatively stable over the past few days, trading in a narrow range between $39K and $40K
It has sought to recover from the drop it experienced on January 23, when the price fell to $38,000, sending ripples across the entire market, followed by consolidation.
Today, however, the BTC price has recovered strongly, increasing by around $1,500 in just the past few hours.

Source: TradingView
Notably, the spike occurred on the day news broke that the US government had been given the green light to sell another batch of BTC linked to the infamous Silk Road dark web market.
The recent surge also caused the derivatives market to liquidate more than $110 million. About $70 million of that came from Short's side.

Source: Coinglass
It will be interesting to see whether the new rally is sustainable and whether this continues the largely bullish momentum we have seen over the past few months.