Bitcoin price surge has intensified in the last few days as the leading cryptocurrency, currently trades at about $99,816.94, as CoinMarketCap reveals, just a few dollars away from the big $100,000 milestone that everyone’s been talking about. This Bitcoin price surge triggered a pretty massive $215 million liquidation of short positions just in the past 24 hours alone.
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Bitcoin Price Surge and Key Market Risks Ahead of $100K Breakout
Market Liquidations Hit $298M
The crypto market experienced one of its most aggressive shakeouts in recent weeks. At the time of writing, Bitcoin led the wipeout with approximately $114.46 million in liquidations, and then Ethereum followed with around $65 million in losses too. Short positions definitely bore the brunt with $215 million wiped out, which created what traders are calling a classic short squeeze right in the middle of this ongoing Bitcoin price surge.
Technical Strength Signals Further Gains
Right now, Bitcoin trades well above all three major moving averages (the 50, 100, and 200 EMA). The RSI is hovering around 70 at the moment, which could cause some short-term volatility but hasn’t really signaled exhaustion yet in this Bitcoin market breakout that we’re seeing.
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Bitcoin Dominance Exceeds 60%
Bitcoin’s market dominance has actually surpassed 60% at this point, showing that investment capital is flowing predominantly into Bitcoin rather than altcoins during this intense Bitcoin price surge. This kind of dominance growth typically strengthens Bitcoin’s control over the broader market narrative, as we’ve seen many times before.
Bitcoin market volatility has increased quite significantly in recent days, with the cryptocurrency currently functioning as sort of the market’s apex predator. The growing dominance directly leads to the violent action we’re witnessing across crypto markets right now.
Bitcoin $100K Breakout: Critical Resistance Level
At nearly $100,000, Bitcoin is approaching what many consider a crucial resistance zone. With proper volume confirmation, the next realistic targets are probably between $105,000 and $110,000. However, the current long/short imbalance could also trigger a decline toward $92,000-$94,000 if rejection occurs at this major psychological level.
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What’s Next for Bitcoin?
The upcoming trading sessions will pretty much determine whether Bitcoin establishes a new price paradigm above $100,000 or pauses for a correction given the spike in crypto market volatility and all those extensive liquidations that have cleared overleveraged positions from the market.
