Bitcoin Approaches $100,000: Pressure on Bears Intensifies
Bitcoin's rise on May 2 by 0.4% to $97,800 could seriously complicate the situation for bears. According to data from the CoinGlass platform, if the price reaches the level of $100,000, the liquidation of short positions amounting to about $3.36 billion is possible.
At the moment, the nearest resistance level is located at $97,900. In the absence of a sudden negative impulse, the market is likely to test this level in the near future.
The current situation predominantly reflects speculative activity using leverage. This is not so much a strategic mistake on the part of the 'bears' as it is a manifestation of high volatility.
Interestingly, in the event of a downward movement — for example, a drop of 3.07% to the level of $93,973 — the volume of liquidations of long positions would be comparable: also about $3.36 billion.