Are Bitcoin Bears Losing Out? $31 Million Wiped Out In BTC Shorts Liquidation
Bitcoin reached an all-time high of $108,786 in January but fell to approximately $74,000 in subsequent months. Currently, Bitcoin is trading above $100,000, raising questions about the sustainability of this bullish trend. On-chain analysis indicates that Bitcoin may be poised for a renewed bull run. A significant number of short positions were opened on Binance during the price drop, contributing to selling pressure. As Bitcoin's price recovered, these short positions began to liquidate, creating buying pressure. On May 8, over $31 million in short positions were liquidated on Binance, marking the largest single-day liquidation since March. Low funding rates suggest a high volume of short positions and reluctance among traders to go long. Continued liquidations could enhance Bitcoin's bullish momentum, potentially leading to a new all-time high. Currently, Bitcoin's price is around $104,335, reflecting a 1% increase in one day and nearly 9% growth over the past week.
