Bullish Momentum for BTC: $1.45B in Shorts to Liquidate at $74.3K
CryptoNewsTerminal Staff21 May, 2024
Bullish Momentum for BTC: $1.45B in Shorts to Liquidate at $74.3K
The cryptocurrency market is buzzing with excitement as Bitcoin (BTC) continues its bullish run. Should BTC price surpass its previous all-time high (ATH) of $73,750 and reach $74,300, a total of $1.45 billion worth of short positions will be liquidated. This data, provided by Coinglass, indicates the growing confidence among investors and the potential for further gains in the BTC market. The recent surge in BTC price is attributed to a combination of factors: increased investor confidence, reduced exchange supply, and sustained inflows into BTC spot ETFs. With the anticipation of further price increases, traders are unwinding their short positions, leading to the potential for a significant short squeeze and further upward price movements."
