Bitcoin eyes $93,500 as short liquidations stack up

[johnblockbuster]

Bitcoin briefly rallied to $90,600 on Wednesday before reversing after the US Federal Reserve held interest rates steady. Despite the pullback, traders are closely watching the $93,500 level, which analysts say could trigger a wave of forced buying.

According to CoinGlass data, more than $4.5 billion in leveraged Bitcoin short positions are clustered near $93,500. Trader Mark Cullen described the level as a clear liquidation target, noting that a move into this zone could accelerate price action as short sellers rush to cover.

However, spot demand appears weak. Coinbase’s Bitcoin premium index remains negative, suggesting the move is being driven more by futures and leverage than by US-based spot buyers.

[madmax]

short squeeze could send it flying temporarily, but until selling pressure actually dies down, this is probably just noise.