Bitcoin tags $90K as crypto market spike liquidates $120M shorts
Bitcoin surged back to $90,000, liquidating over $120 million in short positions during a volatile market move.Summary
Bitcoin (BTC) reclaimed the $90,000 level following Wednesday's Wall Street open, driven by traders targeting vulnerable short positions, resulting in the liquidation of over $120 million in crypto shorts within four hours, according to CoinGlass data. Analysts like Michaël van de Poppe viewed the $88,000 breakout as crucial, suggesting a potential move toward $93,000-$94,000, while others noted the price action was taking liquidity on the way up, similar to Tuesday's session.
Despite the rally, some analysts maintain bearish outlooks based on longer-term indicators. Caleb Franzen warned that Bitcoin was on the verge of breaking below its 100-week moving average cloud (both SMA and EMA near $85,000), which he suggested could lead to a breakdown, though this might present a dollar-cost averaging buying opportunity. Other traders anticipated further downside, with one predicting lows around $76,000 in the near future.
(Source：Cointelegraph)