Bitcoin’s approach to the $119,970 price threshold threatens to trigger a massive $3.74 billion liquidation of short positions across leading centralized exchanges. This critical level represents a potential tipping point for traders betting against BTC’s rally.
Crossing this price barrier would force bears to rapidly cover positions amid an intense market squeeze, generating substantial buying pressure that accelerates upward momentum. This dynamic could further fuel BTC’s bullish trajectory.
With an estimated $3.74 billion at risk, this liquidation event would rank among the largest in 2024. Major trading platforms including Binance, FTX, and Kraken would be significantly impacted by the market movement.