Bitcoin Surge Blasts $170M in Bearish Shorts as BTC Price Targ | Crypto Push

Bitcoin Surge Blasts $170M in Bearish Shorts as BTC Price Targets $48K

Bitcoin’s ever-growing prices are leaving at least one group startled by the rapid bumps: Those placing highly leveraged short futures bets aimed at profiting from potential price reversal.

Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.

The staging for this rally already started in the week beginning 10/23 when BTC managed to overcome the iron-beam resistance in the $30k area,” shared Julius de Kempenaer, senior technical analyst at StockCharts. “On the weekly chart, the next expected level of resistance is around $48k, the peak set at the end of March 2022.