Below US$82,620 Bitcoin could test US$81,154 next
Bitcoin climbed 0.87 per cent to US$83,666.22. The move looked calm on the surface. The underlying mechanics told a different story. A derivatives-led short squeeze drove the advance. No clear coin-specific catalyst appeared in the data. No clear macro catalyst appeared either. The rally came from a mechanical clearing of leverage. It did not […] The post Below US$82,620 Bitcoin could test…
Bitcoin surged 0.87% to US$83,666.22, driven by a derivatives-short squeeze rather than fundamental or macro catalysts. This move was fueled by a massive 1,087% increase in Bitcoin liquidations to US$39.61M and a 6.64% rise in open interest, indicating excessive bearish bets being cleared. Short positions accounted for US$33.83M of this liquidation total.
Despite this, trading volume fell 31.45%, suggesting low conviction. The sector's correlation with the Nasdaq-100 QQQ showed a shared tech-driven move. Institutional demand from spot Bitcoin ETFs could add legitimacy to the advance, but for now, the rally is seen as a tactical bounce within a low-volume market. The key support levels are US$82,620 and US$81,154, while the resistance levels are US$2.85T and US$2.94T.
The outlook remains cautious until more positive signals emerge, such as consistent ETF flows and positive funding rates.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
