Bitcoin reclaimed above the $70,000 psychological level on Monday, testing levels last seen in March.

The move caught traders off-guard, especially the naysayers, blowing tens of millions in positions out of the water.

Bitcoin Briefly Tests $70,000, Liquidates Over $70 Million Short Positions

The move above $70,000 lasted only briefly, with the pioneer crypto trading for $69,743 as of this writing after recording an intra-day high of $70,283 on the Binance exchange.

The move was abrupt, blowing out $71 million in short positions while nearly $4 million in positions were also liquidated. Total liquidations in the last hour reached $75 million.

According to data from Coinglass, 85,506…