Bitcoin would be ready to "vaporize" short positions once the price exceeds USD 110K

A Bitcoin trader claims that "price discovery" will be "just inches away" if BTC bulls manage to liquidate USD 3 billion in short positions.

Bitcoin would be ready to "vaporize" short positions once the price exceeds USD 110K

Market update

Key takeaways:

A closing price of Bitcoin at the end of the month above USD 102,400 would establish the highest monthly close in history, demonstrating that the bull market continues at a rapid pace.

More than USD 3 billion in Bitcoin short positions are vulnerable above USD 107,000, creating a "liquidation magnet" that could send the price of BTC to new highs.

Bitcoin

BTC

95,735 €

is 11 days away from potentially achieving its highest monthly close in history. After reaching a record weekly close of USD 106,407 on May 18, BTC could reach a new monthly high by closing above USD 102,400 this month.

Regarding its current market trend, Bitcoin is inches away from a "price discovery" period, as noted by crypto trader Jelle.

Price discovery in this context refers to the process in which buyers and sellers interact in an undefined or untraded range to determine the market price of an asset.

A breakout above Bitcoin's all-time high of USD 110,000 would initiate a price discovery phase, leading BTC into uncharted trading territory with successive higher highs until market participants establish a new equilibrium between supply and demand.

Cointelegraph reported that Bitcoin is close to confirming a "golden cross" on its daily chart, which has historically preceded price surges of 45% to 60%.