Hey there, everyone! Get comfortable because I'm bringing you a bombshell that's shaking the crypto world! Hold on to your seats because things are hotter than asphalt in July. It turns out that the king of cryptocurrencies, the one and only Bitcoin (BTC), dropped a bomb 💣 and soared to a new all-time high, almost touching $120,000! 🔥
And of course, with such a rise, a monumental mess was created. Imagine all those who bet that the price would go down (the famous 'bears'). Well, BTC skyrocketed and burned them. In the blink of an eye, over $120 million in short positions were liquidated. It's madness! It's as if they were caught with their pants down. 👖💥
According to the released data, exchange platforms like Binance, Bybit, and OKX were the most affected, with millions of dollars in losses for those investors who didn't see this spike coming. Bitcoin took the largest share of the liquidations, but other cryptos like Ethereum (ETH) and XRP also took a good hit. 📉
All this disaster was caused because those who were betting on the decline had to forcibly close their positions, which in turn gave more momentum to the price of Bitcoin, creating an unstoppable snowball effect. ❄️ And when the market is so highly leveraged, even a small movement can leave you out on the street. That's why you have to be sharp, very sharp!
Now the million-dollar question is: what is going to happen now? 🤔 Some analysts, like one who calls himself Niels, say that we are in a super important resistance zone, between $119,000 and $120,000. If Bitcoin breaks that ceiling, we could see it soar even higher, up to $135,000. But if it pulls back, we could see a retracement down to $114,000. So, let's cross our fingers and see if the party continues or if we get a little break.
The market is in a state of tension, with Bitcoin's Relative Strength Index (RSI) indicating that it is 'overbought.' This means it might need a breather soon. So, as always, stay alert because in this crypto world, one day you're in glory and the next, you're in for a good scare. $BTC $XRP $SOL
