Short Positions Can Bring New ATH in Bitcoin: Here's the Price to Be Beaten!
Experienced analyst Willy Woo explained the factor that will take Bitcoin (BTC) to a new peak.
In his post on his X account on June 5, Willy Woo focused on Bitcoin-specific liquidation zones. Stating that if the Bitcoin price reaches 72 thousand dollars, a serious short position explosion will begin, the analyst suggested that 75 thousand dollars will follow.
Pointing out that there is a total of 1.5 billion dollars of liquidation in this region, he noted that the market smells blood and such a rise is inevitable:
Touching $72 thousand is the wick that will start a short burst event. A $1.5 billion short position ready to be liquidated will bring in $75K followed by a new all-time high.
A potential move above just $72,000 would liquidate cumulative leveraged short positions worth $800 million across all exchanges, according to CoinGlass data. A rise above $72,500 will trigger the liquidation of futures short positions worth $1.2 billion.
According to CoinGecko data, Bitcoin, which has increased by 3% in the last 24 hours, is traded at $ 70,800 at the time of writing.
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