Bitcoin’s rally of nearly $500 in two hours saw over $55 million worth of short trading positions liquidated on the BitMEX futures exchange. This figure represented around 7 percent of the Bitcoin vs U.S.-dollar market’s $770 million worth of open-interest (total value of all open trades). Despite the drop in open interest, trading volume has doubled in the last couple of hours, with 24-hour trading volume shooting up from $1.6 billion to its current level of $3.3 billion at the number one Bitcoin futures exchange.

With Bitcoin now back up to a 15-day high, and its recent pattern of successively lower highs now broken, surely the next target for the bulls will be the infamous $9,000 Vegeta resistance level—it’s only another 5 percent pump from here.