While the cryptocurrency market decides its next move, liquidation pools in the two leading cryptocurrencies threaten a potential short squeeze. Bitcoin (BTC) and Ethereum (ETH) could pump next week if the market liquidates short positions betting against these finance giants.
Bitcoin lost a trading range support on April 1 and is down nearly 7% month-to-date, at $66,773. Meanwhile, Ethereum had a similar pattern, down nearly 10% month-to-date, trading at $3,273 by press time.
Derivatives market data of Bitcoin and Ethereum. Source: CoinGlass
In this context, cryptocurrency Futures traders have favored opening short positions against the two most valuable cryptocurrencies. Therefore, Finbold retrieved data from CoinGlass on April 5 to understand the risks and potential of a short squeeze pump.
Will Bitcoin (BTC) short squeeze next week?
In particular, liquidation data for the maiden cryptocurrency suggests market makers could target Bitcoin short-sellers in the following d
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