United

Bitcoin

when

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) took liquidity both up and down on Aug. 22 as analysis said crypto markets are “looking ripe for a short squeeze.”&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/939ba750-f16a-4053-b916-01bb24481e31.png" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="key-btc-price-hurdles-crystallize">Key BTC price hurdles crystallize</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> shows volatile BTC price moves within a narrow range over the past 24 hours.
United States <a href="https://cointelegraph.com/news/good-news-means-bad-news-bitcoin-weakest-us-dollar-2024">employment data revisions</a>, along with the minutes of the Federal Reserve’s latest meeting, helped spark a rally for BTC/USD the day prior.
This was short lived, however, with a return to $59,500 helping liquidate late longs before a fresh rebound to $61,000.
The latest figures from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> put 24-hour total crypto liquidations at $124 million at the time of writing.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d18a5926-09b9-479d-80dc-66dea880b603.png" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 Crypto liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
It also showed ask liquidity increasing above $62,000, turning the level into the key target for a resistance/ support flip.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/05ccaa52-d3b3-4033-91ce-d2a1c4ddfbd2.png" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Analyzing the current status quo, popular trader Crypto Feras noted that BTC/USD had retested the area five times in the past two weeks.
The more it is tested, the weaker it gets. Logically, less efforts are needed to flip it after all these tests,” he <a href="https://x.com/CryptoFeras/status/1826553080998986055" target="_blank" rel="noopener nofollow">wrote</a> in part of a recent X post.
<blockquote data-ct-non-breakable="true">
 “Flipping it means 64.8-65k is next.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2de9872a-37d8-45dc-92c9-2f96186de9d6.jpeg" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart. Source: Crypto Feras
 </figcaption>
</figure>
While stuck in a narrow trading corridor, Bitcoin nonetheless inspired some hopes for a solid breakout based on market conditions.
Vetle Lunde, senior analyst at crypto analytics firm K33 Research, flagged rising open interest along with <a href="https://cointelegraph.com/news/bitcoin-binance-funding-rates-lowest-2024-bearish-sentiment">consistently low funding rates</a> potentially giving rise to a “short squeeze.”
“Market conditions are looking ripe for a short squeeze,” he <a href="https://x.com/VetleLunde/status/1826525213309153343" target="_blank" rel="noopener nofollow">told</a> X followers. 
<blockquote data-ct-non-breakable="true">
 “BTC perps notional open interest has jumped by 30k BTC since August 13, with consistent negative funding rates. Average weekly funding rates have hit their deepest negative since March '23.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/ccdb894e-dae1-4c78-b65c-d4efc64e130b.jpeg" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 Bitcoin open interest month-to-date change. Source: Vetle Lunde
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-speculators-still-far-from-breakeven-point">Bitcoin speculators still far from breakeven point</h2>
Further up, another key area for BTC price is the short-term holder realized price, now centered around $65,000.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-macro-top-in-2025-confusing-march-all-time-high">Bitcoin macro top due in 2025 despite 'confusing' March all-time high</a>
This, as <a href="https://cointelegraph.com/news/bitcoin-75-percent-short-term-holders-profit-67k">Cointelegraph reported</a>, refers to the average buy-in price of investors holding coins for up to 155 days.
In bulls markets, the level traditionally acts as support, with price last falling below it for a significant length of time in August 2023.
“We can say that the 64K - 66K region is a strong resistance level for Bitcoin,” Burakkesmeci, a contributor to onchain analytics platform CryptoQuant, wrote in a <a href="https://cryptoquant.com/insights/quicktake/66c6634685f7bf2c9e0ac696-Short-Term-Holders-Costs-What-Does-the-64K-66K-Resistance-Mean-for-Bitcoin" target="_blank" rel="noopener nofollow">blog post</a> on the day.
<blockquote data-ct-non-breakable="true">
 “When short-term holders start closing their losses and moving into profit, they will likely share their success stories. These stories have the potential to attract new investors to Bitcoin.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c4fbaab8-548d-4ae5-ba4c-88ff4677a4fe.png" alt="Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall" title="">
 <figcaption style="text-align: center;">
 Bitcoin realized price data (screenshot). Source: CryptoQuant
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall

Table of Contents

Cointelegraph

Other articles published on Aug 22, 2024

McDonald's Instagram Hack Exposes $738K Memecoin Profit Scheme!

Crypto Industry Bets Big on U.S. Presidential Election 2024- Data

Top Altcoins To Stack Before The Crypto Bull Run!

Crypto Trading Platform ezBtc Allegedly Diverted $9.5M Customer Funds to Gambling Sites

Ethereum (ETH) Supply in Profit Hits Lowest Level Since November 2023

Ethereum Price Drops, Polygon Surges, TAO Faces Breakout

Join our free newsletter for daily crypto updates!