$BTC We're seeing#Bitcoinapproach a pivotal point: if it breaks $70,500, a massive $21.77 billion in shorts could be liquidated. This happens when traders who bet on the short (known as "shorts") lose their positions because the price of the asset rises.
đ Why does this matter?
When shorts are liquidated, traders are forced to buy back their positions, creating even more buying pressure. This phenomenon is known as a âshort squeeze,â and it can cause the price of Bitcoin to rise rapidly.
In the market, we have already seen that a key level to break is the $70,000 to $72,000 range. If Bitcoin closes firmly above those levels, we could see a rally towards new all-time highs. Some analysts are already talking about a possible test of $73,800.
đ Recommended Strategy
- Stay calm: In times of volatility, it is easy to be carried away by fear or euphoria. Before making hasty decisions, analyze the general behavior of the market.
- Diversify your positions: Don't put all your funds in one direction. If you already have long or short positions, make sure you manage your risk well.
- Use stop-loss: Setting an appropriate stop-loss can protect you in case the market goes against you. With the possible price movement, volatility will be high.
Remember, in trading, informed decisions are key to maximizing your chances of success.
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