In the past few days, Bitcoin’s price has gone through a huge jump. It started at a low of $53,000 last week and reached over $66,000 on Wednesday before finishing at $64,433. Coinglass says that this bullish trend has caused about 50,436 buyers to sell their holdings, worth a total of $145.58 million.
Recent changes in the market have led to $46.22 million in Bitcoin positions being closed, which shows that trade has been going in a range of directions. Market watcher MartyParty pointed out on Elon Musk’s social media platform X, using Coinglass data, that if Bitcoin’s price keeps going up toward $72,400, nearly $19 billion in short bets could be closed.
Bitcoin Absorbs Major Sell-offs
When talking about the possibility of a significant short squeeze, MartyParty said, “Never bet against technology.” Based on the way things stand right now, Bitcoin could hit this goal very quickly, since its current level of liquidity is supporting its upward trend.
It’s interesting that there isn’t any bearish pressure, especially since the German government sold off its BTC reserves, leaving a balance of less than $500. Also, 36% of Mt. Gox’s BTC has been given to creditors, but this has had little effect on the price of BTC, which suggests that the market is absorbing the loss well.
These events show that the significant sell-offs by the German government and Mt. Gox are no longer major dangers. This means that Bitcoin is likely to rise to $72,400, which would cause a significant short squeeze.
