Bitcoin continues to show strong growth, surpassing the $121,800 mark and hitting a historic high. This article examines the factors driving the current bullish trend.
Overview of Short Liquidations
The recent Bitcoin breakout has led to over $200 million in short liquidations. According to Coinglass, nearly $289 million worth of shorts have been liquidated in the past 24 hours, with $205 million in the last hour. This has resulted in the liquidation of over 110,000 traders, with the largest single liquidation amounting to $95 million. This liquidation process is further pushing the price higher.
All-Time High Open Interest
Bitcoin's open interest (OI) has reached record levels, indicating heightened trader optimism. Since Q2 2024, OI has been on the rise, recently hitting an all-time high of $84.68 billion. This indicates serious activity and confidence in the market, potentially contributing to further price increases.
Future Price Rally Predictions
Following Bitcoin's recent jump to $121,209.01 and closing at a high level, bullish momentum remains strong. It is expected that the price may continue to rise, with potential targets reaching around $127,000. Analysts highlight the need to monitor price behavior at those levels.
Bitcoin is breaking its historical records and demonstrating positive market trends. Support from institutional investors and short liquidations are creating a catalyst for further growth. It is important to closely watch market developments over the coming weeks.
