🤖 Bitcoin $BTC appears poised for a significant short squeeze as it edges toward the $110,000 mark and potentially a new all-time high.#BTC110KToday?
👉 Specifically, there is a notable buildup of short positions near $119,000 across exchanges like Binance. If #Bitcoin continues its upward move, as much as $1.4 billion in shorts could be liquidated, triggering a potential short squeeze, according to the latest on-chain data retrieved by Finbold from Coinglass on June 29.🕵️
🤖The liquidation map shows rising short leverage even as long exposure declines, signaling imbalance. Therefore, a breakout above $110,000 could act as a catalyst, forcing shorts to cover and pushing prices higher.🕵️ #StrategyBTCPurchase
🤖It’s worth noting that Bitcoin’s recent rally has been fueled in part by easing geopolitical tensions in the Middle East. To this end, analysts suggest that the rebound may lead to a new all-time high, potentially in the coming week if momentum holds.🕵️#BinanceAlphaAlert
Bitcoin signals more bullish momentum
👉Adding to the bullish setup, analyst Ali Martinez noted in an X post on June 28 that Bitcoin’s Market Value to Realized Value (MVRV) Ratio is nearing a golden cross with its 30-day simple moving average (SMA). 👨🚀#Write2Earn
🤖This pattern, historically associated with price rallies, signals improving investor profitability, which could be a potential trigger for increased buying.🕵️
Notably, the MVRV Ratio measures how over- or undervalued Bitcoin is relative to holders’ cost basis. A crossover above the 30-day SMA typically indicates strengthening sentiment and inflow of capital.👨🚀
Bitcoin price analysis
👉By press time, Bitcoin was valued at $108,190, up 0.8% in 24 hours and 2.4% on the week.👨🚀
🤖At the same time, technical indicators support the bullish case. Bitcoin is trading above its 50-day SMA of $105,901, while the 200-day SMA at $87,663 confirms a strong long-term uptrend. The 14-day RSI stands at 55.89, indicating a neutral but supportive stance for continued upside.🕵️