Bears are defeated! Bitcoin ($BTC ) continues its crazy bullish march, destroying short positions and forcing sellers to panic
Bitcoin (BTC) price is currently trading at $83,397.60, and the cryptocurrency continues to display bullish strength as it decimates short positions and pushes sellers into panicking.
According to the latest data from BTC futures on Binance, a massive liquidation of $212,000 in BTC shorts occurred at the price of $83,397.60. This chain reaction was triggered when BTC broke through a key resistance level, leading to a rapid increase in buying pressure and a subsequent decrease in selling pressure.
As the bears were liquidated, they were forced to buy BTC back at higher prices, which only served to accelerate the rally even further. The scene in the BTC market is now heating up rapidly. The question remains: will BTC be able to sustain the momentum and reach a new all-time high? Only time will tell.
Short liquidations act as a powerful fuel for sharp upward spikes, especially when they occur in such large numbers. This massive liquidation of $212,000 in BTC shorts at the price of $83,397.60 is a prime example.
Moreover, this liquidation comes after BTC broke through a key resistance level of $83,000, triggering a chain reaction that ultimately led to the liquidation of short positions and a reduction in selling pressure, paving the way for greater buying pressure.
This chain reaction also triggered the liquidation of another large batch of BTC shorts at the price of $83,300, further accelerating the rally and pushing the market to new highs.
With the bears exiting the market in droves and the scene heating up quickly, all eyes are now on BTC to see if it can maintain the momentum and break through the next resistance level at $84,000 to reach a new all-time high. If the cryptocurrency manages to solidify above the price of $83,000, then we could see a new all-time high in the coming days.
The market is now in the hands of the bulls, while the bears are busy trying to figure out what hit them.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
