Analysis: If BTC breaks through the resistance level of US$90000, it may lead to US$1.6 billion being liquidated by "short squeeze"
On March 15, according to Cointelegraph, the gap in Bitcoin futures on CME last weekend was not filled between US$85,000 and US$86,000. Currently, the possibility of Bitcoin turning to upward liquidity is increasing. Triggered liquidation above US$85,000 may further promote the bullish momentum, allowing Bitcoin to form a new high and turning US$85,000 into a new support level. If that happens, the next key resistance level will be $90,000, which could cause short positions in excess of $1.6 billion to be liquidated, retesting the resistance level above $95,000. Bitcoin analyst Mark Cullen warned that bitcoin prices will continue to fluctuate in corrective ways, which means further sideways consolidation before a short squeeze occurs.
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