Bitcoin holds strong at $104,500 despite 60% of traders betting against it. Rising short liquidations and bullish technicals suggest upward momentum.trading at $104,500 and maintaining a strong upward trend, the long/short ratio on Binance reveals nearly 60% of traders holding short positions. With BTC trading above key moving averages, bulls remain in control, poised to push prices higher if resistance at $105,000 is breached.
Such a divergence between sentiment and price performance may hint at underlying market strength, with bears potentially setting themselves up for liquidation in the event of further upside momentum.Over the past two trading sessions, the liquidation data reveals that short positions have faced heavier liquidations than longs. The most recent trading session saw a notable spike in short liquidations, with 68.78 million for shorts and $13 million for longs.
Traders will need to closely watch the liquidation levels, as further price increases could trigger additional short squeezes, potentially propelling BTC higher.price action remains bullish on the daily timeframe, supported by technical indicators signaling strong upward momentum. The Relative Strength Index currently sits at 67.65, indicating that BTC is approaching overbought territory but still has room for further upside.