Bitcoin leveraged long momentum sees BTC price reach $106,500 and liquidate late shorts.
Summary
Bitcoin (BTC) experienced significant movement on June 20, with an unknown trader opening a $255 million leveraged long position. BTC/USD rose to $106,500, marking a 1.7% increase for the day, leading to short liquidations as anticipated. CoinGlass reported that liquidity was replenished higher on exchange order books. The sustainability of this price increase is under scrutiny, as the motives behind the large position remain unclear. Previous whale trades have notably influenced market trends. Traders are monitoring for a breakout from the current trading range, with key levels identified at $100K and $110K for June. A critical support level at $104,500 must hold for a bullish outlook.
