Bitcoin’s $116K breakout explained – Here are 2 reasons why crypto is up today!
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Bitcoin experienced a nearly 4% rally over the weekend, driven by short liquidations and increased trading volume. A move beyond $117k is crucial for further gains, potentially reaching $124k. Despite significant profit-taking from long-term holders, the market remained stable above the $100k psychological level. Favorable macro conditions and declining exchange reserves contributed to a strong risk sentiment. Recent liquidation data indicated that $164 million in short positions were liquidated, further propelling Bitcoin's price towards the mid-range resistance at $116k, with potential for a bullish week ahead if this level is maintained.
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