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- ๐ ETH jumped to $4,600 this morning, up 8.69% in 24h!
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#BTC BACK TO $122K#
Bitcoin Price Forecast: BTC closes in all-time highs, wiping out vast majority of short positions
Bitcoin price extends gains on Monday after Sunday's surge, inching closer to its all-time high of $122,320.
CoinGlass data shows BTCโs sharp rise above $120,000 wiped out 92% of short positions in the last 24 hours.
US-listed spot Bitcoin ETFs recorded $246.75 million in weekly inflows, reflecting renewed investor demand.
Bitcoin (BTC) price extends its gains, trading above $121,400 at the time of writing on Monday and inching closer to its record high. This recent price surge has wiped out 92.55% of short positions in the last 24 hours as institutional demand via ETFs recovered.
Bitcoin surpasses $120,000, liquidates 92.55% shorts
Bitcoin price surged above $120,000 on Monday during the Asian trading session and is trading above $121,400 during the European session. This price rise comes amid hopes that a meeting between US and Russian presidents, Donald Trump and Vladimir Putin, will end the war in Ukraine. The short squeeze has wiped out 92.55% of BTC short positions in the last 24 hours.
Institutional demand for BTC resumes
Institutional demand for Bitcoin supported its price rise as it rose nearly 5% last week. According to SoSoValue data, Bitcoin spot Exchange Traded Fund (ETF) recorded an inflow of $246.75 million last week, after recording an outflow of $643.04 million the previous week.
This weekly inflow indicates that demand for BTC is resuming, but the value of the flow is way below compared to the levels seen during mid-July, when BTC reached record highs.