The recent bullish price momentum is attributed to several factors, including increasing investor confidence, decreasing exchange supply and the positive influx into spot BTC ETFs
The Bitcoin price is currently just 3% away from its all-time high (ATH) of $73,750. However, if it continues its current bullish momentum and posts a new ATH above $74,300, it would trigger the liquidation of nearly $1.45 billion in short positions.
According to data from CoinGlass, the number of long-leveraged positions is considerably higher than that of short-leveraged positions.
Shorting Bitcoin (BTC) involves borrowing Bitcoin and selling it, expecting the price to decline. The trader aims to buy back the Bitcoin at a lower price, repay the loan, and make a profit from the price difference.
