Posted 12/6/2023, 8:06:00 AM
Bitcoin Price Surge Triggers $170 Million in Short Squeezes As Bullish Momentum Builds
- Bitcoin prices surge, forcing $170M in bearish shorts to close as price targets $48K
- Short traders betting against bitcoin prices lost $90M on Tuesday, adding to $70M lost Monday
- Liquidations occur when traders cannot meet margin requirements for leveraged positions
- Trading volumes up 25% in past week, open interest grows to $20.2B from $17.2B
- Factors aiding bitcoin growth ETF optimism, expected rate cuts, sovereign adoption potential