The price of Bitcoin on Friday once again rose above the $42,000 mark to a level not seen in over a week.

According to data from Coinglass, this price movement led to the liquidation of short positions in cryptocurrency totaling nearly $96 million. In the last 24 hours, liquidated positions using Bitcoin leverage increased to over $41 million, with more than $37 million attributed to short positions.

The largest cryptocurrency by market capitalization has grown by more than 5% in the last 24 hours and was trading above $42,085 at 13:10 Eastern Time.

Bitcoin's rise today came after the expiration of a significant number of Bitcoin options on Friday. As this date approached, 94,000 Bitcoin options with a put-call ratio of 0.51 expired, which is considered a bullish indicator for this asset, according to Greek Live data.

Open interest in Bitcoin options significantly decreased after the expiration on Friday, relieving some pressure on the derivatives market for digital assets. It is expected that a price correction for Bitcoin may occur.

Earlier this week, BitMEX co-founder Arthur Hayes expressed confidence that the price of Bitcoin would continue to decline. In his blog on Tuesday, Hayes predicted a 30% correction in the Bitcoin price after it surged to around $48,000 immediately following the approval of several spot Bitcoin exchange-traded funds on January 10th.

According to Hayes, this correction could lead to a drop in the Bitcoin price to the $33,600 level, establishing a new support zone in the range of $30,000 to $35,000.