Matrixport: BTC approaches the key resistance level of $122,000, with the market accumulating a large number of short positions

ChainCatcher news, according to Matrixport's icon analysis released today, the short liquidation volume of Bitcoin has recently surged significantly, approaching the high levels seen in early November 2024. According to the latest data, the short liquidation volume has reached 900 million USD in the past week, while it once climbed to 1.1 billion USD in early November 2024.

Currently, the price of Bitcoin has surpassed 120,000 USD and is nearing the key resistance level of 122,000 USD. Analyst Markus Thielen pointed out that if this level is successfully broken, it is expected not only to break the previous resistance level of 106,000 USD but also to continue the upward momentum of "stepping up every 16,000 USD," releasing more upward potential.

It is worth noting that although July has traditionally been a strong month for Bitcoin, and "Crypto Policy Week" is about to begin, there are still a large number of short positions in the market, indicating that short risks are re-accumulating, and the future market trend is worth paying attention to.