#BTC #ETH
BTC surged $2,000 in forty minutes, reaching back to 80,000.
In the past 12 hours, short sellers were liquidated by $175 million. Just within the last hour alone, the entire market saw $187 million liquidated. Of that, shorts accounted for $178 million, with BTC contributing $119 million.
This move is a classic short squeeze. As soon as the price rises, those who are short get forced to close. Their buying pushes the price higher again, accelerating the cycle.
But note: the fuel for this squeeze is existing short positions, not fresh capital flowing in. Around 78,000, there’s still a bunch of short liquidity waiting to be swept. After the sweep, if there isn’t spot buying to follow through, the rebound may stall.
First, see whether 80,000 can hold.
BTC surged $2,000 in forty minutes, reaching back to 80,000.
In the past 12 hours, short sellers were liquidated by $175 million. Just within the last hour alone, the entire market saw $187 million liquidated. Of that, shorts accounted for $178 million, with BTC contributing $119 million.
This move is a classic short squeeze. As soon as the price rises, those who are short get forced to close. Their buying pushes the price higher again, accelerating the cycle.
But note: the fuel for this squeeze is existing short positions, not fresh capital flowing in. Around 78,000, there’s still a bunch of short liquidity waiting to be swept. After the sweep, if there isn’t spot buying to follow through, the rebound may stall.
First, see whether 80,000 can hold.
