This week, Bitcoin surpassed the $110,000 mark, triggering over $8 billion in liquidations of short positions on major exchanges.
Price Dynamics of Bitcoin
Bitcoin reached $114,000 after breaking above $81,000, marking the end of a multi-month downtrend. Liquidation data shows that short sellers faced aggressive pressure once the price crossed the $83,000 threshold.
Formation of a Descending Wedge
From January to early April, Bitcoin formed a descending wedge that signaled compression before the breakout. Support was held between $72,000 and $75,000 during March, leading to a significant price surge after breaking above resistance.
Market Structure Shift
After reaching $83,229, short liquidations surged, with particularly large spikes recorded on Bybit. Data from Binance and OKX also indicate significant market participation. This shift from long to short positions confirms a major change in market sentiment.
The current market environment reinforces a strong bullish momentum for Bitcoin. The breakout above key levels demonstrates investor confidence and may signal further price growth.
