- Bitcoin eyes $115K as strong momentum, technical signals, and a short squeeze threat align to fuel its ongoing bullish breakout.
- BTC trades within a crucial range since early 2024, and a breakout above $116K could trigger a run toward the $165K long-term target.
- Short sellers face rising pressure as liquidations surge above $103K, while long liquidation rates drop amid bullish consolidation.
According to Javon Marks, Bitcoin signals bullish pressure now trading at $104,343 after making a relief rebound from a momentary correction. The trend is stronger, and technical indicators support holding out the hope of breaking to $115,000. At this level, more than $5 billion of BTC short positions are subject to liquidation, heightening the risk of a severe short squeeze.
Source: Javon Marks
Notably, Bitcoin’s current price sits firmly between two pivotal technical zones: $67,059 and $119,082. This range has shaped much of the price action since early 2024. A breakout above $116,652 could push Bitcoin to a new all-time high, bringing $165,000 into play in the long term.
Market Structure Signals Further Upside
Bitcoin’s multi-year reveals a clear cyclical structure. The 2022 bear market formed a long-term base near $16,000. By early 2023, Bitcoin began recovering, breaking past key resistance around March. This breakout ignited a steady uptrend that remains intact. Besides, a curved bottom formation confirms the long-term bullish reversal.
By late 2023, prices surged past $40,000 and eventually tested the $67,059 resistance. This level held for weeks until Bitcoin finally broke through in early 2024. Consequently, the breakout triggered a new price discovery phase. Bitcoin rallied to $108,000 in April 2024 before correcting. The current price action indicates consolidation within a broader uptrend. Additionally, historical patterns suggest each bull cycle pushes Bitcoin to higher peaks.
Liquidation Trends Add Fuel to the Fire
Bitcoin liquidation data across Binance, OKX, and Bybit highlights growing pressure on short sellers. Cumulative short liquidations began accelerating once prices crossed $103,617. By contrast, long liquidations declined sharply as Bitcoin rallied from $92,385 to current levels.
Source: AK47
Moreover, Bybit consistently showed the largest share of daily liquidation volumes. Spikes appeared near $99,873 and $105,372, with the majority being short positions. However, recent trading has shown lower liquidation activity, indicating stabilization.
