Bitcoin Short Positions Worth $32 Million Wiped Out as Price Briefly Spikes to Mid-$27,000s – Here’s Where BTC is Headed Next
Bitcoin saw a sharp spike on Monday, Feb 15, as the world’s largest cryptocurrency briefly rose to mid-$27,000s from just above $26,000. This surge appears to have wiped out $32 million worth of shorts positions, according to data from analytics platform Bybt.
At the same time, several volatility-based indices strongly indicate that Bitcoin is now entering a period of time characterized by higher-than-normal prices. Some analysts are therefore in the camp that expects BTC to rise further from here.
That being said, there are also risks that a pullback towards the $22,000-$25,000 range could be seen, especially if the U.S. dollar and mainstream stock markets see any major movements. That being said, the longer-term outlook for Bitcoin remains quite bullish.