Breaking Bitcoin Tags $90k As Short Squeeze Wipes Out $120m

Bitcoin took out liquidity at the Wall Street open as a move above $90,000 was followed by a snap retracement, liquidating late long and short entries.

Bitcoin (BTC) returned to $90,000 after Wednesday’s Wall Street open as traders eyed vulnerable short positions.

Bitcoin erases recent losses with a fresh trip to the $90,000 mark.

Liquidity games remain the key driver of short-term BTC price action, with shorts this time getting punished.

Bearish price predictions include a “breakdown” below the 100-week moving average cloud.

Data from Cointelegraph Markets Pro and TradingView showed erratic BTC price action sparking 2.5% daily gains before a reversal.

The momentum copied Tuesday’s US open, which saw a “battle” unfold between buyers and sellers. Then, as now, liquidity on both sides of the price was in the firing line.

“A great move upwards on $BTC and there are a lot of shorts ready to be taken out,” crypto trader, analyst and entrepreneur Michaël van de Poppe reacted on X, calling price action “great.”

Commentator exitpump likewise praised a “strong” start to the US session, eyeing shorts getting “squeezed” above $88,000.

$BTC Quick pump right above 88K as mentioned earlier, some shorts got squeezed here, strong NYO https://t.co/IDIhLYLB3h pic.twitter.com/X48EC2Bq5U

Source: CoinTelegraph