Bitcoin price climbs above $63000 as $100 million in short positions get liquidated! What does this mean for investors?

Bitcoin surged past $63,000 on Thursday, posting an intraday gain of roughly 1.5 percent. This momentum followed easing tensions in global markets after U.S. President Donald Trump indicated Iran was seeking diplomatic engagement. The rebound in U.S. equities also offered digital assets like Bitcoin a supportive tailwind.

Critical thresholds and short positions in the market

Just one day earlier, Trump’s announcement that the Iran ceasefire had ended triggered selling pressure across risk assets. However, the mood partially reversed in the following session. According to CoinGlass data, nearly $100 million worth of short positions were liquidated in the crypto market in the past 24 hours.

The same analyst also warns that a daily close below $61,300 could send the price back toward the lows and diminish current momentum. As a result, investors are closely monitoring the daily close for clear directional signals.

Short-term scenarios from leading analysts

Trader Killa does not foresee a bearish reversal in the current market structure but highlights $68,000 as a potential entry area for new short positions. He expects turbulent price swings to persist in the months ahead.

Trader Jelle, meanwhile, believes that if buyers reclaim key price levels, the next target zone could fall between $65,000 and $70,000. Conversely, a strong rejection from this region could lead Bitcoin to dip below the $60,000 mark once again.

On-chain metrics signal a possible bottom

Glassnode’s on-chain data reveals that short-term investors are realizing losses at rates only observed in six previous periods throughout Bitcoin’s history. In each case, the $BTC price was either near or at a cyclical bottom. Glassnode, known for blockchain analytics, monitors market behavior based on these on-chain indicators.

The most recent occurrence of this pattern was in January, when Bitcoin rebounded from testing $60,000 all the way up to $82,000. Additionally, large wallets have accumulated 10,000 BTC this month alone. With net positive inflows persisting over the past two months, some analysts see signs that a fresh accumulation phase may be underway.

The $66,000 threshold emerges as a key technical marker

A double bottom, or W formation, is now visible on the daily chart. In technical analysis, this often signals a potential upside reversal, but confirmation requires a daily close above $66,000 for Bitcoin.

The Relative Strength Index (RSI), a gauge of momentum, remains below the 50 level, indicating the absence of strong confirmation for a price breakout. According to analysts, there could still be a pullback toward $60,000 before any sustained upward move begins. Should the price drop below this level, $50,000 is seen as the next significant support area.

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