According to Glassnode, the stacked short positions between $82,000 and $86,000 are now helping push the price of #Bitcoin higher as traders rush to cover. As the price began rising and broke through resistance levels, these investors got trapped. To avoid bigger losses, or because their positions were liquidated by exchanges, traders were forced to automatically buy back BTC to close their shorts.

Glassnode specifically noted that this liquidation wall previously acted as a magnet or resistance, but once it was broken, the bears’ own covering ended up driving the price toward the top of the zone.