Bitcoin Approaches $120,000 Amid Short Squeeze Predictions
- Bitcoin (BTC) reached $118,760 on Bitstamp, marking new highs for August.
- A potential short squeeze could liquidate over $18 billion if BTC gains just 10%.
- A CME gap at $116,500 is being watched as a possible local low for BTC price action.
- The total crypto liquidation in the last day was approximately $350 million.
- Traders anticipate that BTC may retrace slightly before aiming for the $120,000 target.
As Bitcoin nears a decisive weekly close, traders are closely monitoring market movements and liquidity conditions to gauge further price action. The presence of significant short positions suggests that a rapid price increase could trigger widespread liquidations.
With Bitcoin’s current momentum and the potential for a short squeeze, reaching the $120,000 mark seems plausible as traders remain vigilant about market trends.(Source)
