- Bitcoin consolidates near $77,000 as analysts anticipate a significant price move.
- Market data shows short traders are being squeezed, with significant liquidations on CoinGlass.
- Broader risk assets face pressure from macro factors, including oil prices topping $100 per barrel and shifting bond yields.
- Analysts warn the market structure remains intact, making short positions at current levels risky.
- Hints of a geopolitical deal between the US and Iran could lower yields and potentially fuel a rally in risk-on assets.
Bitcoin hovered around the $77,000 mark on Thursday as traders braced for a significant breakout from its recent tight trading range. Analysis from Daan Crypto Trades highlighted large liquidity clusters just above and below the current price.
Consequently, he expects a larger 5% move to occur soon. Meanwhile, data from CoinGlass revealed short positions were taking the majority of losses across the cryptocurrency market.
“Bears on $BTC are getting SQUEEZED in real-time,” commented the X analytics account Cryptic Trades on the platform. It argued that shorting makes little technical sense while the market structure remains intact.
However, macro hurdles persisted for risk assets, with crude oil prices returning to triple digits. This surge followed ongoing tensions involving Iran and the Strait of Hormuz.
Conversely, hints of a potential peace deal from US President Donald Trump recently sent bond yields lower. Analyst Michaël Van de Poppe responded that falling yields could spark rallies in risk-on assets like Bitcoin.
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