Matrixport: BTC Approaching Key Resistance at $122,000 as Market Builds Significant Short Positions
According to ChainCatcher, Matrixport's latest chart analysis shows that Bitcoin short liquidations have risen significantly, approaching the high levels seen in early November 2024. The latest data indicates that short liquidations reached $900 million over the past week, while in early November 2024, the figure once surged to $1.1 billion.
Currently, the price of Bitcoin has surpassed $120,000 and is approaching the key resistance level of $122,000. Analyst Markus Thielen points out that if this level is successfully breached, it could not only break through the previous resistance at $106,000 but also continue the "every $16,000 step" upward trend, unlocking further upside potential.
It is worth noting that although July has historically been a strong month for Bitcoin and "Crypto Policy Week" is about to begin, there are still a large number of short positions in the market, indicating that short risk is building up again and the market's future direction warrants close attention.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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