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The price of Bitcoin (BTC) has sent shivers down the spines of sellers with a strong return to the $92,000 range. New data from CoinGlass shows that a $5 billion death trap awaits market bears; A huge volume of sell trades accumulated in the order book will be liquidated if the price rises by just 5% to $98,000.
The occurrence of this short squeeze could provide the fuel for another price explosion by creating a number of forced buys to close out losing positions. On the other side of the story, the fundamental driving engine has also been turned on. Optimism about another rate cut by the Federal Reserve has peaked, fueled by comments from BlackRock CEO Larry Fink.
Fink called Bitcoin a fear asset that investors seek to protect their capital against the devaluation of the national currency and government deficits. With Bitcoin investment funds now owning around 7% of the entire BTC supply, the fate of the market’s next move seems to be entirely tied to the continued insatiable appetite of institutional giants.
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