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Short Squeeze Fuels Price Rise, But What’s Next for BTC/ETH

Published 05/18/2024, 06:25 PM
Updated 05/18/2024, 07:15 PM
© Reuters.  Short Squeeze Fuels Price Rise, But What’s Next for BTC/ETH

  • Bitcoin and Ethereum registered major recoveries, causing high short liquidations.
  • The rising momentum could push BTC to $72,873 in the short term.
  • A death cross on the ETH daily chart suggested a decrease to $2,951.

The cryptocurrency market experienced a welcome reprieve this week, with leading tokens Bitcoin (BTC) and Ethereum (ETH) registering price increases. As of press time, Bitcoin traded at $66,802, while Ethereum gained 5.89% over the past seven days, reaching $3,094.

Analysts attribute the price surge primarily to the lower-than-anticipated U.S. Consumer Price Index (CPI) data released this week. The CPI, a key inflation indicator, eased investor concerns, leading to increased liquidity within the market and fueling a broader price rally.

This shift in market sentiment is further evidenced by the significant liquidation of short positions. According to data from Coinglass, approximately $109.33 million worth of short positions were liquidated in the past 24 hours, with shorts accounting for over 70% of the total. Bitcoin alone witnessed $35.84 million in short liquidations, while Eth…

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