Key Points:
Bitcoin is approaching the monthly and quarterly close, with order book liquidity rapidly accumulating.
Analysis suggests that shorts may face liquidation, with the long-term resistance trend line becoming a focal point.
Federal Reserve Chairman Powell is about to be replaced, leading to extreme bullish bets on risk assets.
Bitcoin (BTC) fell to $107,000 after the Wall Street opening on June 30, with analysts noting a significant new "short squeeze."
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD retraced gains before the weekend close, down 1.1% as of the time of writing.
With only a few hours left until the monthly and quarterly close, traders expect volatility to increase, while liquidity in the exchange order books continues to grow.
QCP Capital noted in its latest announcement to Telegram channel subscribers: "As BTC spot approaches $108,000, we are starting to see leveraged long positions increase, with perpetual contract funding rates turning positive on major exchanges."
When discussing Bitcoin's potential price reaction, the well-known X platform trading account TheKingisher believes that shorts will face pressure—only a slight increase is needed to trigger it.
"On the downside, there is a batch of long liquidation points around $106,000-$107,000. But what about the upside? Just above the current price, there is a massive short liquidation wall peaking around $108,000-$108,500!" the post summarized, along with cross-exchange liquidity data.
Renowned trader and analyst Rekt Capital had mixed feelings about the bullish news. BTC/USD is currently facing a significant final resistance test, opening the door for price exploration.
He added while commenting on the daily chart: "Since launching from this local green support area… the price is currently retracing to that area for another retest."
BTC Bitcoin has reached the top of the pattern. Price will need to Daily Close above the black diagonal resistance and/or post-breakout retest it into new support to fully confirm a breakout from this market structure $BTC #Crypto #Bitcoin https://t.co/RiqyRae6CJ pic.twitter.com/dCPJsirXIx
"After launching from this local green support area… the price is now retracing to this area for another test," he added regarding the daily chart.
As the traditional financial markets in the U.S. welcome a calm four-day trading week, the cryptocurrency market has been receiving a series of positive signals.
Ric Edelman, founder of Edelman Financial Services, which manages $300 billion in assets, suggested allocating 40% of assets to cryptocurrency, coupled with news that Washington is seeking a successor for Federal Reserve Chairman Jerome Powell, which has drawn market attention.
🇺🇸 JUST IN: Treasury Secretary Bessent says they’ll begin working on Fed Chair Powell’s successor in the coming weeks and months. pic.twitter.com/BeY8LPajrV
As Cointelegraph reported, Powell has faced public criticism from U.S. President Trump for refusing to cut interest rates, with the latter demanding a reduction from the current 4.25% to just 1%.
The trading information agency The Kobeissi Letter predicted that "if the new Federal Reserve Chair really lowers interest rates to 1%, we may witness one of the largest rallies in stock and real estate markets in history."
Related: Stablecoin Payment Innovations: From Cross-Border Remittances to Retail Scenarios, Where to Next?
Original: “Bitcoin (BTC) Teases ‘Brutal’ Short Squeeze as Sellers Protect $108,000”
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