On July 10, 2023, the cryptocurrency market saw a significant price rise in Bitcoin, impacting both bullish and bearish sentiments. As a result, short positions were liquidated amounting to $2.42 billion.
Overview of Liquidation
According to CoinGlass data, Bitcoin's price reached a record high above $118,000, leading to the liquidation of short positions worth around $2.42 billion within just 24 hours. This event marks the largest since 2020.
Market Shows Bullish Sentiment
Analysts suggest that the rise in Bitcoin indicates a bullish sentiment in the market. Many investors are now reassessing their strategies after suffering significant losses from shorting.
Analysts' Outlook on the Future
Analysts predict that the massive short squeeze could signal further upward pressure as sidelined investors may re-enter the market, fearing to miss out on potential gains.
The situation in the Bitcoin market has significantly changed following new price records, leaving hopes for a sustained bullish trend. The liquidation of short positions may foretell new opportunities for investors.
