Today the crypto market saw a powerful move as $BTC surged past the $69,000 level, triggering a major liquidation event across the market.
More than $100 million in short positions were wiped out in a short period of time. Many traders were expecting Bitcoin to drop, which is why a large number of short positions had been opened earlier.
However, once BTC started pushing higher, the market quickly turned into a short squeeze, forcing many of those positions to close automatically.
From my perspective, the key level to watch now is between $69,500 and $71,500. If Bitcoin shows strong rejection in this zone, we could potentially see a pullback or short-term correction.
At the same time, several altcoins are also showing strong momentum in the market, including $SOL, $PLUME, and $STO, which have been performing well recently.
The next few hours will be important to see whether Bitcoin continues pushing higher or starts a correction after the liquidation squeeze. 👀📈