 
 
As Bitcoin’s all-time high (ATH) rollercoaster ride continues, the top cryptocurrency might be eyeing the psychological price of $120,000 based on the number of shorts expected to be liquidated at this level.
Calling out this development, market analyst Crypto Joe stated, “$1.5 billion worth of BTC shorts are set to be liquidated if BTC hits $120,000.”
What does this mean? Well, if Bitcoin hits $120,000, over $1.5 billion in short positions risk liquidation, forcing bearish traders to buy back at higher prices and potentially fueling further upside.
Liquidations accelerate rallies because forced short closures trigger buybacks, adding buying pressure that drives Bitcoin’s price even higher.
Based on the $1.5 billion worth of BTC shorts, the leading cryptocurrency might be eyeing strong bullish momentum because widespread short liquidations reveal misplaced bearish bets and set the stage for a powerful short squeeze.
 
Bitcoin Soars to New ATH Above $118,000
Bitcoin is not relenting on its quest to scale heights after recently hitting historic highs of $112,000, thanks to BTC exchange-traded funds (ETFs) recording net inflows of $50 billion.
The leading cryptocurrency’s present ATH stands at $118,351 per CoinMarketCap data.
Bitcoin’s breakout above $118,000 is being fueled by bullish macro trends, rising institutional demand, and strengthening on-chain fundamentals.
The launch of U.S. spot Bitcoin ETFs unlocked billions in institutional capital, with giants like BlackRock and Fidelity driving aggressive BTC accumulation with daily inflows now surpassing new supply.
Institutional adoption for Bitcoin as a treasury asset is also going through the roof, further igniting BTC’s fire.
Therefore, Bitcoin might continue making new ATHs, as evidenced by the huge liquidation expected at the $120,000, which is bullish based on technical analysis.
Source: https://zycrypto.com/bitcoin-bulls-target-120000-1-5b-shorts-on-the-line/