Bitcoin: $10 Billion short squeeze next? Key data says…

Bitcoin’s $66,200 liquidation level could trigger a $10 billion short squeeze.Further liquidations at $70,300 and $72,578 could accelerate Bitcoin’s upward trajectory.Bitcoin [BTC] is approaching key liquidation levels that could trigger a sudden short squeeze and forcibly propel the price upwards. According to a tweet from a renowned analyst, $10 billion worth of short positions is at risk at the $66k level. Reaching this level would set a chain reaction in place. Liquidation levels of $70,300 and $72,578 may also accelerate the upward pressure, making a strong case for Bitcoin in the following days.A short squeeze could be triggered at $66,200At the $66,200 level, $10 billion in short positions are set to be liquidated, which will effectively convert into spot buys. This shift could trigger a short squeeze, forcing the market participants to cover their positions, hence increasing buying pressure on Bitcoin.Source: XSuch an event typically pushes prices higher, making this level a crucial threshold for Bitcoin’s near-term future.Bitcoin next price surge could happen at $70,300If Bitcoin were to break above the $66,200 level, the next key level that will be significant would be around the $70,300 mark, which will see $16 billion liquidated in short positions.That, again, would be another wave of liquidations and likely intensify the upward move further into new territory.These liquidations tend to have a cascading effect, amplifying the price movement and flipping bearish positions into forced buybacks.Source: XBitcoin final surgeThe last significant liquidation zone lies at $72,578, with $18 billion in short positions in liquidation risk. If Bitcoin reaches that price, then a third wave of buy-side pressure will be triggered to further push the price upwards. The market will be very volatile, and this zone might be the starting point for a big rally.Source: XBTC paints a bullish pictureSince the 7th of September, Bitcoin’s Open Interest has been on the rise, a sign of increasing trader participation in leveraged positions.Source: CoinglassIn the meantime, Bitcoin’s exchange inflows witnessed periodic fluctuating spikes in the last one month. Currently, the inflow is gaining momentum from the recent dip.This is an indication of increased activity and interest in Bitcoin trading as investors position themselves for any potential price movements.Source: CryptoQuantRead Bitcoin’s [BTC] Price Prediction 2024–2025The market is now on high alert with the way Bitcoin approaches these key liquidation zones. Such a short squeeze can propel prices sharply higher, especially if the expected cascading liquidations do end up materializing.