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Bitcoin Hits $122,000, Nearing Previous ATH, Liquidating $30 Million Worth of BTC Shorts in Under...
Bitcoin reclaimed the $122,000 price range
This move liquidated $30 million worth of BTC shorts in under 60 minutes
BTC price aims to hit the next set of ATH bull targets.
The crypto community is back in full swing as both pioneer crypto Bitcoin and pioneer altcoin Ethereum and running to reclaim their previous ATH prices. Most recently, Bitcoin hit $122,000, nearing its previous ATH price of $123,000, and liquidating $30 million worth of BTC shorts in under 60 minutes. Similarly, Ethereum has reclaimed the $4,300 price range, nearing its previous ATH of $4,800
$30 Million Worth of BTC Shorts Liquidated
The sentiment for BTC and ETH over the past few weeks has been precarious, and the market swung in opposite directions, leading to several large liquidations for both long and short traders. Specifically, for the price of BTC, the price was close to reclaiming the $120,000 price range a few weeks ago, and when traders went long hoping to see new ATHs, the price swung low instead, hitting $115,000, and then $113,000
These downswings were caused first by an 80,000 BTC selloff from Galaxy Digital, and then later by a reaction to the Federal Reserve Board and Powell refusing to announce rate cuts for the month of August. This dip allowed BTC to fill up a crucial CME Gap at the $114,000 - $115,000 price range, which finally allowed the price of BTC to rally to higher targets and reclaim the $122,000 price range
According to CoinMarketCap analytics, the price of BTC is currently trading in the $121,700 price range, showing that the asset is up by 2.75% in the last 24 hours, and that its price is only a mere 1.03% away from its previous ATH at $123,091.61 set about a month ago. The asset also boasts a total market cap of $2,422,784,735,794.07 and a 24-hour trading volume of $73,679,144,475.27.
With this sudden surge, many traders were caught off guard once again, but this time it was short traders who got liquidated. As mentioned earlier, long raiders got liquidated twice over the last few weeks, both times for $107 million. However, this time, with BTC price shooting upwards, it was $30 million worth of BTC shorts that got liquidated in under 60 minutes, showing high expectations for new BTC ATH prices soon
Bitcoin Nears New ATH Price Possibility
This tracks well with what most crypto analysts have been predicting since BTC closed the latest CME Gap. That is, the price of BTC would soon set new ATH prices in the next pump price range, the first of which is expected in the $130,000 price range. Additionally, other reputed analysts have expressed that even higher price targets are likely over the next few days, and these prices are set around the $144,000 and $145,000 price range.