With Bitcoin’s (BTC) speculative market volumes soaring by 24% from yesterday, crypto analysts are emphasizing the high odds of a long position squeeze. Per Ali Martinez’s latest technical analysis on BTC, this is a classic instance of long squeeze, which would come into practice if Bitcoin’s price fails to hold the key resistance at $117K.
With a 24% upswing in trading volume on Futures, these leveraged plays have now piled up to $84.10 billion, according to CoinGlass. All these unsettled BTC price placements with various leverage could cause a mouth-dropping liquidation tsunami. However, the shakeout could be avoided with Bitcoin’s break past the red-label Bollinger Band (BOLL).
Positioned at $117,091, this red-color line constitutes a breakout, while BTC is attempting to bounce off the mid-tier BOLL band at $115.825. Currently priced at $116,360, the showpiece digital asset saw a solid boost by both crypto whales and bulls this Thursday. While the Bull Bear Power (BBP) metric flashed green, the whale-tracking CMF index hovered above 0.20.
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Bitcoin (BTC) is testing a key resistance at $117,082, with the middle Bollinger Band at $115,823, where a ton of traders are holding long positions, setting the stage for a potential move.
A long squeeze could hit if BTC drops below $115,823, forcing long holders to sell in a panic. With high leverage and funding rates today, a break of this level might trigger it fast.
BTC recently climbed after a 5% surge in the last 24 hours, pushing toward $117,082, but it’s struggling to break through, piling up longs and increasing squeeze risk.
If BTC falls below $115,823, expect a sharp drop as traders exit longs—possibly to $112,000 or lower. A breakout above $117,082, though, could send it soaring past $120,000.
Proceed with caution—watch the $115,823-$117,082 range closely. Check real-time charts and get expert advice, as the market’s super sensitive right now!