Bitcoin’s (BTC) surge to a record high of $119,370 has triggered $123.19 million in short liquidations across major crypto exchanges over the past 24 hours, catching bearish traders off guard.
Binance led with $43.04 million in cryptocurrency short liquidations, followed by Bybit with $37.17 million and OKX with $15.67 million, according to on-chain data retrieved by Finbold from Coinglass on July 13.
Other affected exchanges included Gate.io ($12.63 million) and HTX ($7.32 million). Overall, 62.44% of all liquidated positions were shorts.
A breakdown of specific cryptocurrencies shows that over the past 24 hours, Bitcoin led the losses with $34.06 million in short liquidations, followed by Ethereum (ETH) at $22.04 million, XRP at $5.64 million, and Solana (SOL) at $2.61 million.
The liquidations were driven by a short squeeze, as Bitcoin’s breakout above key resistance levels forced short sellers to cover their positions. High leverage on platforms like Binance and Bybit amplified the losses, with even minor price moves wiping out positions.
What next for Bitcoin
Currently, the market remains uncertain about Bitcoin’s next move, with some analysts predicting a potential retracement near its current highs.
For instance, pseudonymous cryptocurrency analyst Niels noted in a July 13 X post that the long-term Power Law Analysis chart identifies the $119,000 to $120,000 zone as a critical resistance level.
He shared a chart, plotted on a log-log scale, that tracks Bitcoin’s historical price action against power law trendlines that have shaped its long-term growth trajectory.
Currently, BTC is testing a cluster of upper trendlines, signaling strong resistance overhead. A breakout above the $120,000 level could open the door to further gains, targeting the $135,000 and $140,000 range, which aligns with the next set of power law bands.
Conversely, a rejection at this level could lead to a short-term pullback to the $114,000 and $115,000 zone, which aligns with mid-range support. Such a move would remain within the broader long-term bullish framework outlined in the chart.
Bitcoin price analysis
At press time, Bitcoin was trading at $118,692, up roughly 1.3% over the past 24 hours and nearly 9% over the past week.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) stands at 72, signaling overbought conditions. If RSI remains elevated, BTC could face a period of consolidation or a potential correction.
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