Bitcoin

when

Higher

<ul class="wp-block-list">
 <li>Bitcoin is now trading close to $66,200 at which $10 billion worth of shorts could be closed out.</li>  
 <li>Another set of liquidation levels are at $70,300 and $72,578 at which various forms of liquidation start to cause further rise in price levels.</li>  
 <li>A short squeeze could produce fast price gains that could push the Bitcoin price to new high levels perhaps crossing $70,000.</li> 
</ul>  
<p>The cryptocurrency market itself could be in the early stages of a significant short-squeeze as wobbly <a href="https://cryptonewsland.com/bitcoin-soars-to-new-heights-as-it-defies-bearish-predictions-at-65000/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> renews itself at $66,200. Market observers are interested in carrying liquidation rates, claiming that more than $10 billion of short positions could be forced out with price increases beyond this level. This development could set off a chain reaction which could force prices to increase in what appears to be a near vertical line.</p>  
<h2 class="wp-block-heading" id="h-at-66-200-liquidation-could-trigger-a-chain-reaction">At $66,200, Liquidation Could Trigger a Chain Reaction</h2>  
<p>Liquidation levels are a key metric in understanding market pressure. When a <a href="https://cryptonewsland.com/all-bitcoin-btc-shorts-liquidate-signaling-new-ath-potential-before-the-official-start-of-the-cycle-bull-run/" target="_blank" rel="noopener noreferrer nofollow">short</a> position is liquidated, the trader is forced to buy the asset at the current price, which can lead to a sharp price increase if there is a large concentration of liquidations at a specific level.More so, a spot buy will be evident when Bitcoin hits $66,200, marking the elimination of about $ 10bn worth of short contracts.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/martypartymusic/status/1843122930974126324
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<h2 class="wp-block-heading" id="h-larger-liquidations-await-at-higher-levels-nbsp-with-a-short-squeeze">Larger Liquidations Await at Higher Levels&nbsp; with a Short Squeeze</h2>  
<p>If this first round of <a href="https://cryptonewsland.com/bitcoin-volatility-in-the-spotlight-as-over/" target="_blank" rel="noopener noreferrer nofollow">liquidations</a> is to occur then it could trigger a domino effect. Besides the $66,200, there are other two liquidation targets, which include $70,300 per short position of $16 billion and $72,578 for a short position of $18 billion.&nbsp;</p>  
<p>These liquidations could potentially send the price of Bitcoin even higher if market conditions allow it as the chart below shows.Short squeeze is a situation characterized by a tightly short sold security experiencing an upward price shift that causes short-sellers to cover, thus increasing the price even further.</p>  
<p>Current short positions have their worth pegged at billions; market prices may shoot through the roof should these situations take root. The pressure may lead to a sharp upward momentum, likely driving Bitcoin past $70000 and above.</p> 
<p>The post <a href="https://cryptonewsland.com/key-liquidation-levels-could-trigger-massive-bitcoin-short-squeeze-above-66k/" rel="noopener noreferrer nofollow">Key Liquidation Levels Could Trigger Massive Bitcoin Short Squeeze Above $66K</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Key Liquidation Levels Could Trigger Massive Bitcoin Short Squeeze Above $66K

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