Bitcoin Short Liquidation Signals Near-Term Bullish Momentum
I see a $1.54M short liquidation in Bitcoin at $118,365.30, which indicates a short squeeze and renewed buying pressure around that level. This forced deleveraging often accelerates upside momentum in the near term.
I remain cautiously optimistic: the liquidation is a bullish sign, but follow-through depends on volume and whether price holds above nearby support. I would respect risk management and avoid chasing at euphoric highs.
Analysis
Recommendation
Consider a buy bias while waiting for confirmation: enter on confirmed follow-through or on a pullback to established support, and use disciplined stops to limit risk in case the move reverses.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.