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The rise of Bitcoin (BTC) above the psychologically significant mark of $100,000 has put a large number of short positions at risk. The situation will become even more complicated if the leading digital currency exceeds the $110,000 level.
In the last case, short sellers could lose around $1.19 billion, according to data from the cryptocurrency market analysis platform CoinGlass.
Bitcoin liquidation map on exchanges. Source: CoinGlass
It should be noted that when the price of Bitcoin rises above $100,000, short sellers have already lost about $2.17 billion.
At the time of writing the article, the flagship cryptocurrency was trading at a price of $102,800, showing a growth of 2% on the daily chart.
It seems that the recent Bitcoin rally will continue in the near future. Traders have activated the opening of speculative positions as the open interest in Bitcoin is at a 3-month high and may soon reach its highest point since the beginning of the year.
Considering that the number of new BTC millionaires is constantly growing, a jump in Bitcoin above the $100,000 level should be regarded as a matter of time.