BTC Breaks $119,970 Could Trigger $3.74 Billion Short Position Liquidation on Major CEXs
Main Idea
If BTC breaks through $119,970, it will trigger $3.74 billion in short position liquidations on major centralized exchanges, indicating a significant market squeeze and bullish momentum.
Key Points
1. BTC's price crossing $119,970 triggers massive short liquidations totaling $3.74 billion on major CEX platforms.
2. This event reflects a strong market squeeze, forcing traders betting against BTC to cover their positions.
3. Short liquidations add buying pressure, accelerating BTC’s upward momentum.
4. COINOTAG experts highlight this as a critical indicator of bullish sentiment in the crypto market.
5. The $3.74 billion liquidation is one of the highest in 2024, affecting exchanges like Binance, FTX, and Kraken.
Description
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