Key Points:
Bitcoin is completing a "successful" retest of support, with traders increasing their bets before the weekly candle close.
Liquidity analysis shows that market conditions are favorable for triggering a massive short squeeze, and Bitcoin price volatility is expected to intensify.
If the price dips again, $100,000 remains a possible target level.
Bitcoin stabilized at $105,500 before the weekly close on June 8, with the market generally expecting that the price adjustment phase for Bitcoin has ended.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD successfully consolidated its rebound momentum after briefly touching $100,500 on June 5.
Bitcoin has nearly returned to its weekly opening level, reigniting traders' confidence in the continuation of the upward trend and the resumption of the bull market.
"On the daily timeframe, Bitcoin is showing signs of breaking the two-week downtrend (light blue), and earlier today it successfully turned it into a support level," noted well-known trader and analyst Rekt Capital while sharing a chart with fans on the X platform. "A daily close and retest of the ~106,600 (black) area would be more favorable for the trend's continued development."
Bitcoin's price has successfully achieved a daily close above its 10-day simple moving average (SMA)—a necessary condition previously pointed out by trader SuperBro to "invalidate the bearish scenario."
$BTC still needs to reclaim the 10 MA and H&S neckline on a closing basis to invalidate the bear case until then, this is not the place to get aggressive with longs, the time for that was the retest of the FVG and 50 MA, when you were so sure it was all over 😂 pic.twitter.com/TAEG3wZgOM
At the same time, trader Cas Abbe is focusing on order book liquidity to find clues about price direction.
Liquidity is accumulating on both sides of the spot price, leading Abbe to predict a magnet-like "grab" market.
"Bitcoin's liquidation cluster is now signaling upward," he summarized on the X platform.
"If Bitcoin rises 10% from here, $15.11 billion in short positions will be liquidated. Conversely, a 10% drop will liquidate $9.58 billion in long positions."
Abbe noted that negative funding rates indicate a "large number of short positions" over the weekend.
"I believe significant volatility for Bitcoin will come next week, potentially pushing it to break through the $109K-$110K area," he concluded.
Some analysts believe there may be further testing of support levels first.
In an update to fans on the X platform regarding market predictions, well-known trader CrypNuevo considers $100,000 a reasonable level to establish long positions in Bitcoin.
"$100,000 is the strongest psychological support level, so as I explained on Sunday, this is the area where I would establish some long positions. If the price breaks below this level, it would be easy to determine invalidation," he wrote, referring to the $100,000 price level he previously targeted.
Meanwhile, Rekt Capital described the retest of the support level on the weekly timeframe after the historical high set in May as "successful."
"Can Bitcoin confirm this retest successfully for the fourth consecutive week, closing above $104,400?" he questioned.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Data shows Bitcoin (BTC) price uptick of 10% could liquidate $15 billion in short positions”
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