Bitcoin (BTC) appears poised for a significant short squeeze as it edges toward the $110,000 mark and potentially a new all-time high.
Specifically, there is a notable buildup of short positions near $119,000 across exchanges like Bybit, OKX, and Binance. If Bitcoin continues its upward move, as much as $1.4 billion in shorts could be liquidated, triggering a potential short squeeze, according to the latest on-chain data retrieved by Finbold from Coinglass on June 29.
The liquidation map shows rising short leverage even as long exposure declines, signaling imbalance. Therefore, a breakout above $110,000 could act as a catalyst, forcing shorts to cover and pushing prices higher.
It’s worth noting that Bitcoin’s recent rally has been fueled in part by easing geopolitical tensions in the Middle East. To this end, analysts suggest that the rebound may lead to a new all-time high, potentially in the coming week if momentum holds.
Bitcoin signals more bullish momentum
Adding to the bullish setup, analyst Ali Martinez noted in an X post on June 28 that Bitcoin’s Market Value to Realized Value (MVRV) Ratio is nearing a golden cross with its 30-day simple moving average (SMA).
This pattern, historically associated with price rallies, signals improving investor profitability, which could be a potential trigger for increased buying.
Notably, the MVRV Ratio measures how over- or undervalued Bitcoin is relative to holders’ cost basis. A crossover above the 30-day SMA typically indicates strengthening sentiment and inflow of capital.
Bitcoin price analysis
By press time, Bitcoin was valued at $108,190, up 0.8% in 24 hours and 2.4% on the week.
At the same time, technical indicators support the bullish case. Bitcoin is trading above its 50-day SMA of $105,901, while the 200-day SMA at $87,663 confirms a strong long-term uptrend. The 14-day RSI stands at 55.89, indicating a neutral but supportive stance for continued upside.
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