Bitcoin soared to a daily high of $66,482, aiming for $69,000.
Strong liquidation of shorts is a major reason why BTC prices are rising.
The calls for Bitcoin at $70,000 have also skyrocketed recently.
Bitcoin (BTC) surged to the $65,000 price level, reaching a daily high of $66,482. The cryptocurrency hit the resistance zone, and an uptrend will be confirmed if BTC maintains price action above $66,000.
Santiment, a blockchain analysis platform, noted this is the first time since September 27th that Bitcoin has broken above the $66,000 price level. The liquidation of shorts in the past 24 hours is a major driving force behind this surge in BTC’s price. Santiment explained:
“As traders with short positions were forced to close out (either voluntarily or through margin calls), it resulted in a rapid price increase, sparking even more upward momentum.”
Additionally, Bitcoin trading volume also hit a two-week peak as BTC began its surge starting at 15:35 UTC, Monday. It is important to note that DeFi liquidations for Bitcoin saw their second-highest spike in over three months during the current cycle.
Santiment pointed out that the last time …
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