PANews reported on June 8, according to Cointelegraph, that Bitcoin is struggling to retest the support level. Due to liquidity analysis showing conditions favorable for a massive short squeeze, market prices are expected to fluctuate. If prices fall again, $100,000 remains a possible target.
Analyst Cas Abbe posted on platform X indicating that if the price of Bitcoin rises by 10% from now, $15.11 billion in short positions will be liquidated. Meanwhile, if the price of Bitcoin falls by 10%, $9.58 billion in long positions will be liquidated. The currently negative funding rates indicate that there is a 'large number of short positions' over the weekend, and a significant volatility is expected next week, potentially pushing the price of Bitcoin above $109,000 to $110,000.
