$1B Short Squeeze Looms as Bitcoin Price Nears the $100K
The post $1B Short Squeeze Looms as Bitcoin Price Nears the $100K appeared on BitcoinEthereumNews.com.
Bitcoin price (BTC) has shattered another milestone, surging past $97,000 and gaining 3.4% in the last 24 hours, bringing its current price to $98,748.72 This extraordinary rally was fueled by a confluence of factors. These include regulatory clarity, increasing market optimism, and growing institutional adoption. A positive uptick in multiple factors facilitated the extraordinary rally, including regulatory clarity, market optimism, and institutional adoption. – Advertisement – With the Bitcoin price edging closer to the much-awaited $100K mark, traders are excited about the world’s biggest cryptocurrency hitting that big figure. Data Suggests Bitcoin Price Entering Early Bull Market Phase Crypto analyst Ki Young Ju says Bitcoin’s bull market is well underway as indicator readings resemble those seen in 2020. The CryptoQuant BullBear Market Indicator signals a movement of the Bitcoin price from a bearish period to an early bullish cycle, going from the blue regions (negative values) to the orange regions (positive values). Similar patterns preceded price jumps in previous cycles. – Advertisement – The Bitcoin price consolidates before breaking into a potential rally, further adding to the bullish sentiment displayed in the overlayed price curve. The analysis compares data to 2020 and suggests another long-term bullish trend is likely, based on cyclical behavior and historical market behavior. $1B Shorts on Verge of Liquidation as Bitcoin Approaches $100K It is a potentially big event in the Bitcoin market, says Ash Crypto. If Bitcoin’s price blows past $100,000, there’s around $1.06 Billion in short positions that would be liquidated. This looming event presents a great opportunity for a massive short squeeze, where a swift run-up in price could lead even more short-sellers to cover their position. Consequently, Bitcoin would effectively get a boost. The Bitcoin Exchange Liquidation Map shows a growing risk for short-leveraged position holders. As the Bitcoin price approaches this…
Filed under: News - @ November 22, 2024 11:16 pm