| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $105707.9000000000 |
| ETH | $2421.1130000000 |
| BNB | $646.5692900000 |
| XRP | $2.1832680000 |
| ADA | $0.5468574000 |
| SOL | $147.1525000000 |
| DOGE | $N/A |
| DOT | $3.3506700000 |
| LTC | $84.3143000000 |
| LINK | $12.9965000000 |
Category: CRYPTO NEWS
The post Bitcoin: How a massive short squeeze helped BTC pass $65K appeared on BitcoinEthereumNews.com. Bitcoin has been heavily exposed to leverage this month. A look at how heavy shorts liquidations this week have influenced BTC’s performance. Bitcoin[BTC] comfortably pushed past $65,000 during the day’s trading session. However, this was at the cost of heavy losses, especially for traders that expected it to pivot in the $64,000 price range. Some traders expected Bitcoin to go through another retracement at or near the $65,000 level. After all, BTC has been rallying since the second week of September and profit-taking would likely manifest. Such expectations led to the explosion of short positions, which in turn got them short-handed as prices continued to rally. Hyblock Capital data demonstrates spikes in short positions in the past three days. This was no coincidence, since Bitcoin bulls showed signs of declining momentum between the 20th of September and the 23rd of September. Some may have seen this as a sign that the bears would likely take over. There was a large spike in net shorts on Binance on the 23rd of September, followed by a spike in shorts liquidations. Another spike occurred the following day, but there were fewer liquidations. Finally, AMBCrypto observed another short spike on the 26th of September, followed by a large uptick in liquidations. Source: Hyblock Capital The Bitcoin liquidations during yesterday’s trading session occurred after the price unexpectedly went in the opposite direction. This left shorts exposed, thus the liquidations. This was in line with a previous observation which revealed that long-term holders were not taking profits and miner reserves were growing. Assessing Bitcoin exposure to leverage The shorts may have been heavily leveraged, thus liquidations triggered a short-squeeze situation. CryptoQuant data revealed that the estimated leverage ratio bounced back sharply after its dip in August. The last time that Bitcoin’s estimated leverage ratio was that…
2024-09-28T03:23:11+00:00