{"id":650500,"date":"2024-10-29T21:00:36","date_gmt":"2024-10-29T21:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=650500"},"modified":"2024-10-29T09:52:25","modified_gmt":"2024-10-29T09:52:25","slug":"bitcoin-bears-fear-a-short-squeeze-above-71000-as-open-interest-rises-to-22-6b","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bears-fear-a-short-squeeze-above-71000-as-open-interest-rises-to-22-6b\/","title":{"rendered":"Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B"},"content":{"rendered":"

Bitcoin is on the verge of a historic move as it pushes toward its all-time highs, surging above the $71,000 mark just yesterday. This breakout has ignited optimism among analysts, who expect further upside in the coming weeks as the US election draws near\u2014a period historically marked by heightened volatility and market shifts.<\/span><\/p>\n

Critical data from CryptoQuant indicates that Open Interest has reached $22.6 billion, with half of these positions held by bears. If Bitcoin continues to climb, this setup creates a high risk of short liquidations, potentially accelerating buying pressure as prices push above $71,000.<\/span><\/p>\n

Related Reading: If Dogecoin Breaks Above Key Resistance \u2018We Could See A 25% Rally\u2019 \u2013 Top Analyst<\/a><\/div>\n

As momentum builds, the next few days will determine whether BTC can sustain its uptrend or if a consolidation phase below the all-time high will continue. Investors are closely watching these price levels, as a confirmed breakout could signal new highs for Bitcoin. At the same time,\u00a0a stall might suggest a need for additional consolidation before a larger move.<\/span><\/p>\n

Bitcoin Bears In Serious Trouble<\/span><\/h2>\n

Bitcoin bears are now at high risk of forced liquidations as a significant level of short position liquidity hovers above the $71,000 threshold. According to top analyst and macro investor Axel Adler, this scenario could ignite a powerful rally if short positions start liquidating en masse. Creating momentum that propels BTC beyond its all-time highs. Adler shared a CryptoQuant chart on X<\/a>, noting that Bitcoin Open Interest has surged to $22.6 billion, with half of these positions held by bears.<\/span><\/p>\n

\"Open
Open Interest has risen to $22.6B, with half of these positions held by bears | Source: Axel Adler on X<\/a><\/figcaption><\/figure>\n

In his analysis, Adler emphasizes that the current market structure is poised for a major squeeze. \u201cThere\u2019s no need to hesitate in liquidating short positions to drive the price up,\u201d Adler states, suggesting that a cascade of liquidations above $71,000 could act as a launchpad for Bitcoin, taking it into uncharted price discovery levels. This process, known as a \u201cshort squeeze,\u201d occurs when overleveraged short holders are forced to close their positions, resulting in large buy orders that send prices even higher.<\/span><\/p>\n

Related Reading: Solana Bullish Pattern Holds \u2013 Crypto Analyst Sets $202 Target<\/a><\/div>\n

If this scenario unfolds, Bitcoin wouldn\u2019t be the only one benefiting. As BTC leads the market, a rally past previous highs could signal a fresh cycle for the entire crypto space. Altcoins typically follow Bitcoin\u2019s lead, and the spillover effect could fuel a comprehensive bull run, with new highs across multiple assets.\u00a0<\/span><\/p>\n

Investors are watching closely, as such a move could renew interest and investment in the crypto market, drawing in retail and institutional capital. With BTC on the edge of price discovery, the next few days may prove pivotal in shaping the market’s direction.<\/span><\/p>\n

BTC Testing Cruial Supply\u00a0<\/span><\/h2>\n

Bitcoin is testing a supply zone at $71,200, brushing up against the last resistance level before reaching its all-time high. Bulls appear firmly in control, with price action signaling a likely breakout above this level in the coming days. Breaking and holding above the $70,000 mark remains critical. This psychologically significant level reinforces bullish sentiment, encouraging more buyers to enter the market.<\/span><\/p>\n

\"BTC
BTC testing crucial supply around $71K | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n

However, a temporary retracement to gather liquidity at lower demand levels would benefit Bitcoin\u2019s uptrend. A dip toward the $69,000 level, or even down to $66,500, would still align with a bullish outlook. It could attract further interest and create a healthier base for the next rally. These areas would allow Bitcoin to gather liquidity before making a stronger push toward new highs.<\/span><\/p>\n

Related Reading: Ethereum Whale Activity Spikes To 6-Week High \u2013 Smart Money Accumulation?<\/a><\/div>\n

Traders are watching, knowing that a sustained move above $71,200 could pave the way for price discovery beyond all-time highs. A successful breakout could trigger renewed momentum across the market, sparking a broader bull run as Bitcoin leads the charge.<\/span><\/p>\n

Featured image from Dall-E, chart from TradingView<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is on the verge of a historic move as it pushes toward its all-time highs, surging above the $71,000 mark just yesterday. This breakout has ignited optimism among analysts, who expect further upside in the coming weeks as the US election draws near\u2014a period historically marked by heightened volatility and market shifts. Critical data from CryptoQuant indicates that Open Interest has reached $22.6 billion, with half of these positions held by bears. If Bitcoin continues to climb, this setup creates a high risk of short liquidations, potentially accelerating buying pressure as prices push above $71,000. Related Reading: If Dogecoin Breaks Above Key Resistance \u2018We Could See A 25% Rally\u2019 \u2013 Top Analyst As momentum builds, the next few days will determine whether BTC can sustain its uptrend or if a consolidation phase below the all-time high will continue. Investors are closely watching these price levels, as a confirmed breakout could signal new highs for Bitcoin. At the same time,\u00a0a stall might suggest a need for additional consolidation before a larger move. Bitcoin Bears In Serious Trouble Bitcoin bears are now at high risk of forced liquidations as a significant level of short position liquidity hovers above the $71,000 threshold. According to top analyst and macro investor Axel Adler, this scenario could ignite a powerful rally if short positions start liquidating en masse. Creating momentum that propels BTC beyond its all-time highs. Adler shared a CryptoQuant chart on X, noting that Bitcoin Open Interest has surged to $22.6 billion, with half of these positions held by bears. In his analysis, Adler emphasizes that the current market structure is poised for a major squeeze. \u201cThere\u2019s no need to hesitate in liquidating short positions to drive the price up,\u201d Adler states, suggesting that a cascade of liquidations above $71,000 could act as a launchpad for Bitcoin, taking it into uncharted price discovery levels. This process, known as a \u201cshort squeeze,\u201d occurs when overleveraged short holders are forced to close their positions, resulting in large buy orders that send prices even higher. Related Reading: Solana Bullish Pattern Holds \u2013 Crypto Analyst Sets $202 Target If this scenario unfolds, Bitcoin wouldn\u2019t be the only one benefiting. As BTC leads the market, a rally past previous highs could signal a fresh cycle for the entire crypto space. Altcoins typically follow Bitcoin\u2019s lead, and the spillover effect could fuel a comprehensive bull run, with new highs across multiple assets.\u00a0 Investors are watching closely, as such a move could renew interest and investment in the crypto market, drawing in retail and institutional capital. With BTC on the edge of price discovery, the next few days may prove pivotal in shaping the market’s direction. BTC Testing Cruial Supply\u00a0 Bitcoin is testing a supply zone at $71,200, brushing up against the last resistance level before reaching its all-time high. Bulls appear firmly in control, with price action signaling a likely breakout above this level in the coming days. Breaking and holding above the $70,000 mark remains critical. This psychologically significant level reinforces bullish sentiment, encouraging more buyers to enter the market. However, a temporary retracement to gather liquidity at lower demand levels would benefit Bitcoin\u2019s uptrend. A dip toward the $69,000 level, or even down to $66,500, would still align with a bullish outlook. It could attract further interest and create a healthier base for the next rally. These areas would allow Bitcoin to gather liquidity before making a stronger push toward new highs. Related Reading: Ethereum Whale Activity Spikes To 6-Week High \u2013 Smart Money Accumulation? Traders are watching, knowing that a sustained move above $71,200 could pave the way for price discovery beyond all-time highs. A successful breakout could trigger renewed momentum across the market, sparking a broader bull run as Bitcoin leads the charge. Featured image from Dall-E, chart from TradingView<\/p>\n","protected":false},"author":617,"featured_media":650501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,27467,656,84667,679,16084,16082,1119,78790],"class_list":["post-650500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bears","tag-bitcoin-news","tag-bitcoin-open-interest","tag-bitcoin-price","tag-bitcoin-short-squeeze","tag-bitcoin-shorts","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B<\/title>\n<meta name=\"description\" content=\"Bitcoin surges above $71,000, threatening short positions. Analyst predicts bullish breakout to new highs. 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Analyst predicts bullish breakout to new highs. 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