Bitcoin is approaching critical price levels that could trigger a massive short squeeze, potentially driving the price upward. According to a prominent market analyst, approximately $10 billion worth of short positions are set to be liquidated if Bitcoin hits the $66,200 level. This event could create a chain reaction, accelerating Bitcoin's upward trajectory as traders scramble to cover their positions.
Further Liquidation Zones at $70,300 and $72,578
If Bitcoin surpasses the $66,200 mark, the next significant level lies at $70,300, where another $16 billion in short positions will be liquidated. This would create additional buying pressure, further intensifying Bitcoin's price surge. A third critical liquidation zone is located at $72,578, where $18 billion in short positions are at risk. Reaching this level could trigger a final wave of buy-side pressure, pushing Bitcoin into new territory and igniting a potential market rally.