Bitcoin Price Suddenly Surges to $36K as Leveraged Traders Get Squeezed
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Bitcoin saw a "short squeeze" sending price to nearly $36,000 as open interest remained high, indicating potential for volatility.
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Some analysts predicted the squeeze in advance, noting key price level of $34,800 that preceded the move upward.
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On-chain data showed major reduction in short positions on exchanges like Binance during the squeeze.
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There are diverging perspectives on derivative markets - some see bullish signs on Bybit while Binance appears more bearish.
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Despite squeeze, overall futures open interest remains highly elevated above $15 billion, meaning more volatility may be ahead.