Glassnode Says Bitcoin Nears $83,000-$86,000 Short-Liquidation Cluster
JH Kim
Summary
- Glassnode said Bitcoin is approaching a zone between $83,000 and $86,000 where large volumes of short-position liquidations are concentrated.
- The firm said if Bitcoin reaches that range, forced liquidations of short positions could drive a rapid price increase.
- It added that those short positions appear to have accumulated over several weeks, while Bitcoin is currently trading at $81,147.66, up 5.90%.
Forecast Trend Report by Period
Bitcoin is approaching a price zone where large volumes of short liquidations are concentrated, according to on-chain analytics firm Glassnode.
Glassnode said on Sept. 18 that liquidation volume is currently clustered in the $83,000 to $86,000 range.
If Bitcoin reaches that zone, forced liquidations of short positions could fuel a rapid price increase.
The firm added that those short positions appear to have accumulated over several weeks.
Bitcoin was trading at $81,147.66 on Binance's Tether (USDT) market as of 1:36 a.m. on Sept. 19, up 5.90% from a day earlier.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.