The post How High Will Bitcoin Price Go This Week? appeared first on Coinpedia Fintech News
Bitcoin climbed over the past 24 hours, raising a question across the market: how high can Bitcoin go this week?
Bitcoin is currently trading near $71,370, up about 6.35% in the last 24 hours. The rally appears to be driven mainly by activity in derivatives markets, where a large number of bearish bets were suddenly forced to close.
Short Squeeze Sparks the Rally
One of the biggest reasons behind Bitcoin’s jump is a short squeeze.
Data from derivatives markets shows that funding rates turned negative (-0.0014%), indicating that many traders were betting on Bitcoin’s price to fall. When the price started rising instead, those traders were forced to close their short positions by buying Bitcoin back.
This triggered a wave of liquidations.
In the last 24 hours alone, more than $190 million worth of Bitcoin positions were liquidated, adding strong buying pressure and pushing prices
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