Bitcoin Short Positions Worth $32 Million Wiped Out as Price Briefly Spikes to Mid-$27,000s – Here’s Where BTC is Headed Next

On Tuesday, Bitcoin surged from below $27,000 to briefly touch mid-$27,000s, as a sudden influx of fresh buying overwhelmed sellers. The rally saw over $32 million in short positions of Bitcoin get ‘liquidated’ on various exchanges.


Now, the question is – what’s next for BTC?

While no one can accurately predict what will happen in the cryptocurrency markets, the indicators point to more gains for Bitcoin in the short-term.

The increasing number of institutional investors entering the market is a positive sign for Bitcoin in the coming months. Many investors, including fund managers and high-net worth individuals, are showing more confidence in the asset as Bitcoin gains more mainstream adoption.

In addition, technical indicators, like MACD and RSI, remain in bullish territory on the 1-day and 4-hour timeframes. This shows that the upward momentum is strong, and implies that Bitcoin will likely break through its current $27,000 resistance.

Given Bitcoin’s current bull cycle, it is reasonable to expect Bitcoin to hit new all-time highs before the end of 2021. The rally could take Bitcoin to $50,000 or even $60,000 – if enough institutional money comes into the market.

Long story short, it looks like the bears have been put to bed – at least for the short term. Bitcoin is likely headed higher in the weeks and months ahead.

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