NewsBTC
12 hour ago
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BEARISH 📉 : Bitcoin faces largest short liquidation since September 2024

Recent market activity has led to a significant short squeeze in the Bitcoin market. Here's a summary of key points:

  • Bitcoin's price decline prompted investors to build short positions.
  • A short squeeze occurred, leading to $736 million in shorts being liquidated across exchanges, marking the largest event since September 2024.
  • The Short Liquidations USD metric highlights the forced closure of these short positions.
  • Prior to the squeeze, funding rates were deeply negative, indicating high sell pressure on Binance and other platforms.
  • The derivatives market currently shows speculative positioning, while the spot market faces thin liquidity, creating potential for volatility.
  • Sustained demand is necessary for the recent price rally to continue; otherwise, Bitcoin remains in an uncertain phase.

Bitcoin Market Overview

  • BTC price: ~$69,878, with a 1.5% increase in the past day.
  • Weekly growth: ~0.7%.
  • Current price is 45% below its all-time high of $126,080.