Recent weeks witnessed significant liquidation in the cryptocurrency market with a total impact of 298 million USD in a single day. Bitcoin (BTC) was mainly affected, leading by liquidating 114.46 million USD, demonstrating the intensity of the market’s current state.
Bitcoin is currently trading just under 100,000 USD and is showing a bullish trend, supported by strong performance above major moving averages. The market dynamics are influenced by a significant short squeeze that wiped out 215 million USD in short positions.
Bitcoin’s dominance has surpassed 60%, redefining its contrast with altcoins. Future price targets remain between 105,000 USD and 110,000 USD; however, potential for a pullback to 92,000 USD to 94,000 USD exists, based on market volatility.
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