Did Bitcoin Just Witness Its Largest Short Squeeze In History?
Data collected from Bybt.com shows over $1 billion of short liquidations across the cryptocurrency markets on July 25 2021. In a cascade of liquidations, Bitcoin surged up to $48,000 on Binance, while most exchanges saw Bitcoin touch $40,000 for a brief moment.
DETROIT, July 27, 2021 /PRNewswire/ — Benzinga, a fintech media company providing news and data to retail investors and cryptocurrency traders, publishes its latest data study: Did Bitcoin Just Witness Its Largest Short Squeeze In History?
After breaking its psychological support of $30,000, investors were bearish on Bitcoin. With short positions increasing at a rapid rate, some cryptocurrency investors were calling for a short squeeze.
After reclaiming $30,000 and continuing to increase to $35,000, these short sellers began to get liquidated, causing the price of Bitcoin to continue higher. On July 25 2021, Bitcoin appreciated from $36,000 to over $40,000 within minutes.
Benzinga regularly conducts data studies and publishes its findings. Read Benzinga Reports: Bitcoin Predicted to Crush Bitcoin’s ROI in 2021 for more data like this.