Bitcoin, Ethereum and Solana Shorts Get Rekt as BTC Price Rebounds Near $69K

💡 DMK Insight

Over $400 million in short positions got wiped out recently, and here’s why that matters: As Bitcoin approaches the $69K mark, the momentum is clearly shifting in favor of the bulls. This wave of liquidations not only indicates a strong buying pressure but also suggests that many traders underestimated the market’s resilience. Ethereum’s rise to $2,058.21 and Solana’s jump to $88.27 are part of this broader bullish sentiment, which could lead to further upward movement. Traders should watch for potential resistance levels around $70K for Bitcoin, as a break above could trigger even more buying. But don’t ignore the flip side: the rapid rise could also lead to profit-taking and increased volatility. If Bitcoin starts to falter, we might see a cascade of new liquidations, especially if it dips below key support levels. Keep an eye on the daily charts for signs of exhaustion or reversal patterns, as they could signal a shift in momentum. The real story is how traders react to these levels in the coming days, so stay alert for any signs of weakness.