Top Reasons Why Bitcoin Price is Poised to Surge & Sustain Above $100K in the Next 24 Hours
Bitcoin (BTC) price faces its largest liquidation so far in 2021, with ultra-leveraged positions exceeding $1.78 billion, triggering a price drop from $101,000. The coin fell 6% to a low near $94,000. Meanwhile, the price has rebounded as sellers appear to have exhausted themselves, with the coin currently trading above $98,000. Buyers are finding it difficult to maintain the trend above this level, but a small push towards certain levels could validate the start of a new uptrend.
The spot market helps the coin maintain volatility, thus preventing the coin from remaining in a depressed range. However, derivatives have a significant impact on the current price of an asset. Additionally, Bitcoin is every trader’s first choice for trading futures or options, experiencing their respective price movements when longs or shorts are liquidated. After experiencing some of the highest long liquidations in the past few years, the coin has a prime opportunity to liquidate shorts, which could not only push the price above $100,000, but also set new highs above $105,000.
Coinglass data shows traders betting on plunge bitcoin pricebut if the bulls manage to push it up another 2%.
The chart above shows that nearly 1 billion highly leveraged shorts have accumulated around $99,000. Therefore, if the bulls manage to push the price another 2%, these shorts are expected to be liquidated, pushing the price above $100,000.
What’s next for the BTC price rally? What is your ATH expectation for the current bull market?
Publicly traded company Marathon Digital Holdings acquired an additional 11,774 Bitcoins for $1.1 billion, at an average price of nearly $96,000 per Bitcoin. MicroStatergy, on the other hand, continued its buying streak, acquiring an additional 21,550 Bitcoins worth over $2.1 billion. Meanwhile, BlackRock’s IBIT leads spot ETF inflows and holds billions of dollars worth of BTC, signaling rising institutional interest in the token.
Taking into account all the above factors, it is clear that Bitcoin (BTC) price is mainly supported by institutional and derivatives market fluctuations. Therefore, the outlook for the coin remains bullish, triggering higher targets for a sustained bull run.