Bitcoin Short Positions Worth $32 Million Wiped Out as Price Briefly Spikes to Mid-$27,000s – Here’s Where BTC is Headed Next
The Bitcoin (BTC) price briefly spiked to the mid-$27,000s earlier today – a level seen by some as a resistance area. As the recent run up took BTC over $26,000, over $32 million worth of Bitcoin short positions were quickly wiped out. Analysts and traders are mostly in agreement that the next target is the $30,000 psychological price level. A further move could be spurred by news of additional investments from major companies, with Tesla’s announcement yesterday fueling gains for the digital asset. However, the first major resistance lies at the $28,740 all-time high, where the Relative Strength Index indicator is pointing to an overbought situation. Bitcoin’s short-term prospects are still uncertain, though most market participants seem to be taking a cautiously optimistic approach.