$BTC skyrocketing, what does it really signify!?
The Bitcoin market has experienced a dramatic reversal today, with the bearish camp facing a heavy blow—$238 million in short positions has been liquidated, vividly illustrating the strong momentum of the bulls as prices continue to challenge key resistance levels.
From a technical perspective, the previous oscillating consolidation pattern has been broken, and the chain reaction triggered by short position stop-losses has further amplified the upward momentum.
Currently, two key points need to be highlighted:
First, the densely liquidated area of short positions may form a new support level. If the price retraces to this level and stabilizes, it will provide stronger support for the bulls to continue their offensive;
Second, trading volume needs to effectively align with the price increase. Only synchronized volume and price can support the continuous advancement of the market; otherwise, there may be a pressure for a pullback.
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