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Matrixport: Short Squeeze Intensifies, Bitcoin Nears Key Resistance Level of $122,000
BlockBeats News, July 15th, Matrixport released its daily analysis stating that the Bitcoin short liquidation volume has recently surged, nearing the high seen in early November 2024. At that time, many traders attempted to short during a rebound but the price did not fall back as expected. Instead, it oscillated at the high before experiencing a pullback influenced by tariff policies.
Specifically, the weekly short liquidation volume in early November 2024 once soared to $1.1 billion. In the past week, it has also reached $900 million, indicating that the short risk is building up again. Although July has always been a strong month for Bitcoin and the "Crypto Policy Week" is about to begin, there are still a large number of short positions in the market that deserve attention.
If Bitcoin breaks through $122,000, it not only has the potential to surpass the previous resistance at $106,000 but also may continue the upward trend in $16,000 increments, unleashing more upside potential.
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