Bitcoin Funding Rates Turn Negative: Shorts Turn To Get Squeezed?

Data shows the Bitcoin funding rates on exchanges have turned negative, a sign that the shorts have now become the dominant force in the market. Bitcoin Funding Rates Have Turned Negative After Market Crash As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin funding rates have seen a sharp decline recently. The “funding rate” refers to a metric that keeps track of the periodic fee that derivatives contract holders are currently exchanging with each other. When the value of this indicator is positive, it means the long investors are paying a premium to the short ones in order to hold onto their positions. Such a trend implies a bullish sentiment is shared by the majority in the sector. Related Reading: Chainlink (LINK) Recovers 20% As Network Lights Up With Activity On the other hand, the metric being negative implies a bearish mentality could be the dominant one in the market as the short holders outweigh the longs. Now, here is a chart that shows the trend in this Bitcoin indicator for all exchanges over the past few months: As displayed in the above graph, the Bitcoin funding rate had been positive throughout the year 2024, save for a couple of small dips into the negative region, until this latest crash, which finally took the indicator to notable red values. The earlier positive values were naturally due to the fact that the market had a bullish atmosphere to it, so the average investor was trying to bet on the price to rise. From the graph, it’s visible that this positive sentiment was the strongest during the rally to the all-time high (ATH) price fueled by the spot exchange-traded fund (ETF) demand. During the consolidation period that had followed this rally, BTC had seen a couple of notable drawdowns, but they weren’t enough to shake off the bullish mood. The recent sharp crash, though, appears to have finally caused investors to have a bearish outlook on the cryptocurrency. The Bitcoin crash had resulted in a huge amount of long liquidations in the market, triggering what’s known as a squeeze. In a squeeze event, a sharp swing in the price causes mass liquidations, which in turn fuels the price move further. This then unleashes a cascade of more liquidations. Since the latest such event involved the longs, it would be called a long squeeze. In general, an event of this kind is more likely to affect the side of the derivatives market that is more dominant. As this power balance has shifted towards the shorts now, it’s possible that the market could instead see a short squeeze in the near future. Related Reading: Is Bitcoin In A Bear Market Now? Heres What On-Chain Data Suggests Naturally, it’s not necessary that a short squeeze should take place, but if the price ends up witnessing some volatility, it’s possible it may end up punishing the short-heavy market. BTC Price Bitcoin has been steadily making recovery from the crash as its price has now climbed back to $57,500. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Roaring Kittys GameStop gains soar to $300M, billionaire status near

Roaring Kitty, one of the main orchestrators of the GME saga, could be on track to become the first GME billionaire if the pump continues.

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Roaring Kitty buys another 4M GME stocks, birthing conspiracy theory

Keith Gill, known as Roaring Kitty, buys 4 million more GameStop (GME) shares, increasing his holdings to over 9 million shares worth $262 million.

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GameStop tops Bitcoin's yearly gains in one day Will GME spark an altcoin rally?

Mirroring the 2021 cycle, the profits from GameStop could spill into altcoins, catalyzing the start of the 2024 altcoin season. Could history repeat itself?

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Ripe for the squeeze? Bitcoin mining stocks remain under attack from short sellers

BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks.

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Why Are Bitcoin And Crypto Up Today? You Need To Know This

Bitcoin investors are currently experiencing a déjà vu. As has happened several times in the past, the recent Tether FUD has once again marked the local bottom for the BTC price. At the same time, euphoria and greed have returned to the market. And there are several good reasons for this. BlackRock has applied for [...]

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Bitcoin Price Reaches $21,000, Shorts Demolished In Biggest Squeeze Since 2021

Bulls take charge with massive upward momentum. Key price levels to watch to determine whether this is another bear market rally or a move with lasting power.

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Bitcoin Short Squeeze: $93 Million Shorts Liquidated In One Hour

Data shows a large amount of shorts have been liquidated in the Bitcoin futures market in the past day as BTC pushes above $19,000. $93 Million Bitcoin Shorts Were Wiped Out In Only 1 Hour As per data from the on-chain analytics firm Glassnode, short liquidations have spiked in the past day. A “liquidation” takes place when a derivative exchange has to forcibly close up a contract on the Bitcoin futures market. Contracts usually liquidate when a certain percentage of the margin – the collateral amount that the holder had to put up in order to open the position, is lost due to the BTC price moving opposite to the direction the investor bets on. In the crypto futures market, large liquidations happening at once isn’t an uncommon sight due to a couple of reasons. First, most of the assets in the sector are generally very volatile, so sudden price swings can take place without warning. And second, many derivative exchanges offer leverage (a loan amount taken against the margin) as high as 100x in the original position. High leverage being accessible in a volatile environment like this results in a large risk of positions being liquidated. Related Reading: Ethereum Rallies Above $1,400 As Sharks Accumulate Now, the relevant indicator here is the “total futures liquidations,” which tracks the total amount of both short and long liquidations that are taking place in the Bitcoin futures market currently. Here is a chart that shows the trend in this metric over the last few months: The value of the metric seems to have been deep red in recent days | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin futures liquidations have mostly involved short contracts in the last few days. This trend makes sense, as a sharp upwards move in the price was the trigger for these liquidations. During the FTX crash back in November, which observed the opposite kind of price move, a large number of longs were wiped out instead, as can be seen from the chart. Related Reading: Chainlink Bullish Signal: LINK Address Activity Returns To 2021 Levels Usually, a large enough rapid move in the price can trigger simultaneous mass liquidations that only feed said price move further. This amplified price move then liquidates even more contracts, and in this way, liquidations cascade together. A mass liquidation event like this is popularly called a “squeeze.” Glassnode notes that $93 million in short contracts were flushed in just a single hour during the past day. These rapid liquidations suggest the Bitcoin rally triggered a short squeeze in the futures market. The price has now shot up even more following this squeeze, as is generally the case, and BTC is now above $19,000 for the first time since the collapse of the crypto exchange FTX. BTC Price At the time of writing, Bitcoin is trading around $19,000, up 13% in the last week. Looks like BTC has climbed up in the last couple of days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

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Growth Deceleration And The Dollar Wrecking Ball

June data for the United States and the eurozone show economic contraction underway and that the worst is yet to come. What does it mean for bitcoin?

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Bitcoin Primed For A Short Squeeze

Santa Rally after all? On-chain analysis shows that Bitcoin is primed for a short squeeze. If the bulls push Bitcoin to a daily close above $52k, we may see it sooner than later.  Covered: Bitcoin On-Chain Metrics The Funding Rate Metric Potential Short Squeeze Imminent One of the more critical on-chain metrics to look at […]

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Bitcoin On The Brink Of A Massive Short Squeeze, Expert Warns

The Bitcoin dominance (BTC.D) surged above 64% this week, its highest level since March 2021, sparking debate over an impending short squeeze that could send its price skyward. The stark warning comes from Joe Consorti, Head of Growth at Theya, who took to X on Monday to outline what he views as a decisive turning point for Bitcoin versus the rest of the digital asset market. A Historic Break In Bitcoins Correlation Patterns In his post, Consorti contends that Bitcoins recent price action marks the first time in its 16-year history that both its price and market dominance have risen in tandem. Historically, Bitcoins dominance would rise initially, only to wane as speculation spilled into altcoins. However, Consorti states: This is the first time in history that bitcoins share of the total digital asset market is rising while its price is climbing. In past cycles, retail-driven speculation pushed bitcoins price up and later funneled money into altcoins, causing bitcoin dominance to decline. That dynamic is gone. According to Consorti, the days when a broad altcoin rally would follow Bitcoins initial surge appear to be over. Bitcoin dominance recently touched 64%its highest level since February 2021. Consorti attributes the phenomenon to a significant change in market participation: This cycle, institutions, sovereigns, and long-term holders are leading the charge, increasingly allocating capital exclusively to bitcoin while largely ignoring the rest of the market. Related Reading: Bitcoin Funding Rate Turns Neutral On Top Exchanges: What Happened Last Time Last weeks market turbulence resulted in what Consorti calls the single-largest liquidation event in crypto history, citing data that more than $2.16 billion in positions were wiped out within 24 hours. Ethereum led the liquidation figures with $573 million, and the largest single liquidationa $25.6 million ETH/BTC orderoccurred on Binance. As you might have guessed, ETH/BTC is not having a great time, Consorti notes, pointing out that the ETH/BTC pair is trading at 0.026its lowest level in over three years. He argues these liquidations highlight the precarious nature of heavily leveraged altcoin markets: All of it wiped out in an instant when price moved against them. This wasnt your standard technical correction, it marks the start of an extinction-level event for altcoins. The Altcoin Casino In Crisis Consortis analysis suggests that what he dubs the altcoin casino is now collapsing. He points to failed narratives around popular projectsEthereum, Solana, and DeFi among themthat have struggled to maintain investor confidence: Altcoins have survived purely on narratives. Each cycle, a new batch of narratives emerged, promising world-changing innovation. None of them lasted. He contrasts this with Bitcoins core value proposition, which, in his view, requires no marketing: Bitcoin, on the other hand, doesnt need a narrative. It doesnt need marketing or hype. It exists, and it thrives because it was built to do one thingprotect wealth in a world of perpetual monetary expansion. Consorti also references Ethereums merge and its supposed deflationary design, pointing out that since the upgrade, ETHs total supply has increased by 13,516 ETHundermining the ultra-sound money claim. Related Reading: Bitcoin In 2025: History Could Repeat With A 2017-Style Surge Adding a policy dimension to the markets transformation, Consorti highlights a statement from Senator John Boozman during the White House Crypto Working Groups first press conference: Some digital assets are commodities, some are securities. This, he suggests, is a tacit acknowledgment that Bitcoin stands apart from other digital assets. In a further development, Consorti cites a comment from White House AI & Crypto Czar David Sacks, who mentioned the group is evaluating the viability of a Strategic Bitcoin Reservea shift from the previous National Digital Asset Stockpile terminology used under a Trump-era executive order. Consorti frames this as a major development that signals growing recognition of Bitcoins unique properties: This language shift is monumental. A few years ago, the US government was openly hostile toward bitcoin. Today, theyre discussing stockpiling it. Amid this upheaval, Consorti suggests that the next dramatic move in Bitcoin could be an explosive short squeeze. Funding rates on perpetual futures, he notes, have gone deeply negative, reminiscent of when Bitcoin traded near $23,000 in August 2023. This implies a tilt in leverage toward traders betting against Bitcoina position that could rapidly unwind: While last weeks leverage flush wiped out most long positions, the next major move could be the oppositean explosive rally fueled by forced short liquidations. Should the market turn against these short-sellers, the forced buy-backs could drive the price higher with unusual speed and volumeespecially if overall liquidity remains thin. He concluded, Traders who overextended their leverage to short bitcoin will eventually have to buy it back when the price moves against them, just like overleveraged longs were wiped out last week. Bitcoin is coiled. The stage is being set for a potential short squeeze. The longer this dynamic of short dominance persists, the greater the risk of a forced shirt liquidation cascade that sends bitcoin’s price higher with force. At press time, BTC.D stood at 61.19%. Featured image created with DALL.E, chart from TradingView.com

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Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs

Curve DAO token (CRV) has observed a 7% bounce during the last 24 hours as mass liquidations of short traders have occurred in the market. Curve Funding Rates Turned Extremely Negative Following Price Decline According to data from the on-chain analytics firm Santiment, an extreme amount of shorts had accumulated on the cryptocurrency exchange Binance [...]

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Curve’s (CRV) price hits a 1-year low amid looming liquidation threat

The Curve decentralized autonomous organization’s (DAO’s) governance token CRV dropped 12% on June 15 after reports surfaced of risky loans taken by its founder, Michael Egorov, on Aave. The token recorded its lowest trading level against Ether (ETH) at 0.00035010 ETH on June 15. According to on-chain analytics outlet LookOnChain, Egorov deposited 431 million CRV [...]

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Massive Bitcoin Short Liquidations Send BTC Above ATH Trump Win Sets A Bullish Environment

Bitcoin surged to new all-time highs during election night, hitting an impressive $75,300 as market excitement reached a fever pitch. This milestone pushed Bitcoin into price discovery, igniting significant liquidations across trading platforms. Data from CryptoQuant reveals an unprecedented surge in short liquidations, surpassing $100 million within a single one-minute candle, marking a historic moment for BTC. This explosive price action was fueled by the surprise Trump win in the U.S. election, which appears to have sparked renewed enthusiasm for crypto assets as investors respond to the potential economic policies ahead. The election outcome has sent shockwaves through the market, with Bitcoin leading a fresh rally across the crypto space. Related Reading: Ethereum Analyst Shares Correlation With S&P500 Last Dip Before It Hits $10,000? Now in uncharted territory, Bitcoins move above $75,000 represents a powerful statement of investor confidence despite broader economic uncertainties. As BTC enters price discovery mode, traders and investors alike are bracing for further volatility, while many anticipate that this momentum could extend into even higher highs. The coming days will be critical as Bitcoins price action continues to drive liquidations and shape the outlook for the broader market. Bitcoin Bullish Phase Begins Bitcoin has officially entered a bullish phase, setting new all-time highs following Donald Trumps election victory. As a known crypto supporter, Trumps win has spurred market optimism, pushing BTCs price above previous ATHs in a surge that began as election results favored his lead.  This bullish breakout was accompanied by a dramatic liquidation spike, signaling strong buying pressure as bearish bets were swiftly unwound. Data from CryptoQuant analyst Maartunn shows that short liquidations exceeded $100 million in a single one-minute candlean unprecedented event that underscores the power behind this rally and suggests that Bitcoins upward momentum is just beginning. In the coming days, volatility will remain high as global markets digest the election outcome and brace for the Federal Reserves upcoming interest rate decision on Thursday. Investors anticipate a dynamic market response, with possible ripple effects across traditional and crypto markets. Should the Fed keep rates steady or make any dovish adjustments, it could further bolster Bitcoins rally and strengthen the broader crypto market. Related Reading: Solana Must Break Descending Resistance To Regain Bullish Momentum Analyst The outlook remains bullish as market sentiment shifts positively with Bitcoins new price discovery phase. While short-term fluctuations are likely amid these major events, the long-term view favors a bullish trend as Bitcoin leads the crypto market higher in this new post-election environment. BTC Visits Uncharted Territory Bitcoin is trading at $73,800 after breaking its previous all-time highs and reaching a new peak of $75,300. This breakout has pushed BTC into uncharted territory, a phase that historically signals massive gains as bullish momentum builds.  The focus is whether Bitcoin can maintain its momentum above the previous ATH of $73,800, a critical support level that could propel it further into new highs if held successfully. However, the timing of this move aligns with a particularly volatile week, as the market anticipates the Federal Reserves upcoming meeting. The Feds decision on interest rates could introduce significant unpredictability, potentially tempering BTCs rise or even sending it below the $70,000 mark if the outcome diverges from market expectations. As BTC navigates this price discovery phase, investors are closely eyeing key levels.  Related Reading: Ethereum Risk-To-Reward Ratio Is Too Good To Pass Up Top Analyst Sets $6,000 Target Holding above $73,800 would strengthen the bullish narrative, while any pullback would test support levels and investor resilience amid broader market uncertainty. With volatility expected, this week could be pivotal for Bitcoins trajectory in the months ahead. Featured image from Dall-E, chart from TradingView

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Robinhood beats investors’ appeal in GameStop meme stock case

A United States federal appeals court has upheld a decision to dismiss an investor class action lawsuit against online brokerage firm Robinhood Markets over its meme stock trading debacle in early 2021. A total of 16 investors took part in a class action lawsuit against the trading platform in September 2021, alleging the firm restricted [...]

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Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B

Bitcoin is on the verge of a historic move as it pushes toward its all-time highs, surging above the $71,000 mark just yesterday. This breakout has ignited optimism among analysts, who expect further upside in the coming weeks as the US election draws neara period historically marked by heightened volatility and market shifts. Critical data from CryptoQuant indicates that Open Interest has reached $22.6 billion, with half of these positions held by bears. If Bitcoin continues to climb, this setup creates a high risk of short liquidations, potentially accelerating buying pressure as prices push above $71,000. Related Reading: If Dogecoin Breaks Above Key Resistance We Could See A 25% Rally Top Analyst As momentum builds, the next few days will determine whether BTC can sustain its uptrend or if a consolidation phase below the all-time high will continue. Investors are closely watching these price levels, as a confirmed breakout could signal new highs for Bitcoin. At the same time, a stall might suggest a need for additional consolidation before a larger move. Bitcoin Bears In Serious Trouble Bitcoin bears are now at high risk of forced liquidations as a significant level of short position liquidity hovers above the $71,000 threshold. According to top analyst and macro investor Axel Adler, this scenario could ignite a powerful rally if short positions start liquidating en masse. Creating momentum that propels BTC beyond its all-time highs. Adler shared a CryptoQuant chart on X, noting that Bitcoin Open Interest has surged to $22.6 billion, with half of these positions held by bears. In his analysis, Adler emphasizes that the current market structure is poised for a major squeeze. Theres no need to hesitate in liquidating short positions to drive the price up, Adler states, suggesting that a cascade of liquidations above $71,000 could act as a launchpad for Bitcoin, taking it into uncharted price discovery levels. This process, known as a short squeeze, occurs when overleveraged short holders are forced to close their positions, resulting in large buy orders that send prices even higher. Related Reading: Solana Bullish Pattern Holds Crypto Analyst Sets $202 Target If this scenario unfolds, Bitcoin wouldnt be the only one benefiting. As BTC leads the market, a rally past previous highs could signal a fresh cycle for the entire crypto space. Altcoins typically follow Bitcoins lead, and the spillover effect could fuel a comprehensive bull run, with new highs across multiple assets.  Investors are watching closely, as such a move could renew interest and investment in the crypto market, drawing in retail and institutional capital. With BTC on the edge of price discovery, the next few days may prove pivotal in shaping the market’s direction. BTC Testing Cruial Supply  Bitcoin is testing a supply zone at $71,200, brushing up against the last resistance level before reaching its all-time high. Bulls appear firmly in control, with price action signaling a likely breakout above this level in the coming days. Breaking and holding above the $70,000 mark remains critical. This psychologically significant level reinforces bullish sentiment, encouraging more buyers to enter the market. However, a temporary retracement to gather liquidity at lower demand levels would benefit Bitcoins uptrend. A dip toward the $69,000 level, or even down to $66,500, would still align with a bullish outlook. It could attract further interest and create a healthier base for the next rally. These areas would allow Bitcoin to gather liquidity before making a stronger push toward new highs. Related Reading: Ethereum Whale Activity Spikes To 6-Week High Smart Money Accumulation? Traders are watching, knowing that a sustained move above $71,200 could pave the way for price discovery beyond all-time highs. A successful breakout could trigger renewed momentum across the market, sparking a broader bull run as Bitcoin leads the charge. Featured image from Dall-E, chart from TradingView

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Bitcoin Short Positions Face Serious Risk Above $68,500 Details

Bitcoin has experienced a volatile week, with prices oscillating between a local high of $69,500 and a low of $65,000. After weeks of excitement and upward momentum, the market has cooled off, and BTC is currently consolidating below the critical $70,000 level. This consolidation phase is crucial as traders assess the next potential move for Bitcoin. Related Reading: Ethereum Whale Activity Spikes To 6-Week High Smart Money Accumulation? Analyst Ali Martinez has shared significant data from Binance, highlighting the high risk for short positions at the $68,500 mark. When such risk levels are present, the price often seeks liquidity, which suggests that it may gravitate toward supply zones. This behavior indicates that the market is potentially targeting areas where sellers may be positioned, which could lead to further fluctuations in price. The interplay between these resistance and support levels will determine Bitcoin’s trajectory. A decisive move above these levels could signal Bitcoin’s next phase, making it critical for investors to remain vigilant. Bitcoin Short Squeeze Looms Bitcoin is reaching a pivotal moment, with the market buzzing with expectations for a potential push toward all-time highs. Martinez recently shared crucial data on X, revealing that a significant number of short positions are at risk of liquidation, particularly around the $68,598 mark. The cumulative short liquidation leverage at this price level is approximately $452.36 million, indicating that a substantial amount of capital could be affected if the price continues to rise. This scenario sets the stage for a bullish outlook, as overleveraged short positions suggest that Bitcoin could find liquidity at supply levels. This could trigger a cascade of buying pressure. When the price breaks above the key $69,000 mark, it could lead to a wave of Fear of Missing Out (FOMO) among traders and investors watching from the sidelines. The liquidation of these short positions could propel Bitcoin’s price higher, strengthening the bullish narrative. Market participants closely monitor this critical threshold, as a decisive break above $69,000 could ignite a surge toward previously untested highs. Related Reading: Solana Breakout From Bullish Pattern Could Send SOL To The Moon Crypto Analyst Maintaining awareness of both market dynamics and key price levels is essential for traders looking to navigate the volatility. The next few days could prove crucial as Bitcoin approaches this significant moment, and how it reacts to these overleveraged positions may determine its trajectory in the coming weeks. BTC Liquidity Levels Bitcoin (BTC) is currently trading at $67,100 after a week marked by volatility and uncertainty. The price has pushed above the $66,000 level, signaling strength and hinting at a potential rally in the coming weeks. This upward movement reflects renewed optimism in the market, as investors look for signs of sustained bullish momentum. However, its essential for BTC to maintain its position above the $65,000 mark. If the price fails to hold this level, a sideways consolidation may occur, allowing the market to gather liquidity before making its next move. This consolidation phase could set the stage for a surge in buying activity as traders look to capitalize on potential opportunities. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally A break above the key $70,000 level would further strengthen the bullish outlook, potentially initiating a new uptrend. Such a movement could attract additional investment and excitement in the market, as traders and investors respond to the breakout.  Featured image from Dall-E, chart from TradingView

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Why Is Bitcoin And Crypto Surging Today?

In the last 24 hours, Bitcoin has experienced a 2% surge, pulling the broader crypto market along with it into a bullish trajectory. Leading the charge among altcoins are PEPE with an 8% gain, followed closely by SHIB and HBAR both at 6.3%, TON at 5.6%, SNX at 5.4%, and SOL at 5.3%. The overall crypto market capitalization has swelled to $1.18 trillion(+1.63%), while Bitcoin’s dominance in the market has edged up to 50.63%. Why Is Bitcoin And Crypto Up Today? The market’s euphoria was initially triggered by a news piece which was shared by Bloomberg’s Eric Balchunas. He conveyed that insider sources from BlackRock and Invesco suggest that the approval of a Bitcoin ETF is more a question of ‘when’ rather than ‘if’, likely materializing within the next four to six months. The source for this information was Galaxy Digital CEO Mike Novogratz who made these revelations during a recent earnings call. This news, hinting at the imminent approval of a Bitcoin ETF, sent ripples across the Bitcoin and crypto community, igniting optimism and speculation. Following the news, whale activity has also been a notable driver behind the surge. Related Reading: Record-Breaking $10 Billion Open Interest Fuels Bullish Speculation For Bitcoin Reversal Ki Young Ju, CEO of CryptoQuant, tweeted: “Bitcoin whales opened giga long positions at $29k.” He also shared screenshots of the taker buy sell ratio on BitMEX, ByBit, Deribit and Huobi Global. Each chart shows an extremely high and sudden jump in buying volume, presumably from whales, as Ju said. Ali Martinez, a renowned analyst, chimed in on the significance of open interest. He pointed out that the Open Interest, which represents the total number of open long and short positions across all crypto derivative exchanges, has reached a remarkable year-to-date peak of $10.086 billion. This metric is particularly noteworthy given its historically strong correlation with Bitcoin’s price. The recent dip in Bitcoin to $28,700 seems to have presented an opportune moment for traders to adopt a bullish stance, suggesting that Bitcoin’s price might be poised for an upward trajectory Related Reading: ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously Julio Moreno, from CryptoQuant, noted a sharp rise in Coinbase’s premium, indicating strengthening Bitcoin demand in the US. This observation aligns with the narrowing discount of GBTC, which many see as a proxy of Grayscale’s potential success against the US Securities and Exchange Commission (SEC) in its lawsuit for a spot ETF, but also as an indicator of the likelihood of a Bitcoin Spot ETF being approved. The GBTC discount fell to -27% yesterday. From a technical market perspective, the euphoria in the market has led to a short squeeze. A total of $37.19 million was liquidated in BTC shorts yesterday, $65.46 million in the overall crypto market. The short liquidations for Bitcoin were the highest since July 13 when the price rose to its yearly high at $31,820. Nevertheless, it is worth noting that while short-sellers were gradually liquidated while there was a premium on spot markets and funding rates on futures markets were falling. This means that the rise move was primarily driven via the spot markets rather than over-leveraged long positions. Remarkably, whales played a key role. At press time, the Bitcoin price faced critical resistance between $29,900 and $30,000. Featured image from iStock, chart from TradigView.com

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Why Is The Bitcoin And Crypto Market Up Today?

Bitcoin (BTC) saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. At press time, BTC has experienced a 3.7% hike from its low. In fact, BTC even brushed past the $30,000 mark, indicating a substantial shift in market sentiment. So, the question begs. Why [...]

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