Glassnode: Bitcoin (BTC) Entering Concentrated Short Liquidation Zone at $83,000-$86,000

Bitcoin (BTC) is nearing a price level where a large concentration of short position liquidations is anticipated, according to on-chain analytics firm Glassnode.

On Thursday (local time), Glassnode stated that 'current liquidation levels are concentrated between $83,000 and $86,000,' adding that if Bitcoin reaches this range, forced liquidations of short positions could lead to rapid price increases. The company noted that these short positions have accumulated over several weeks.

As of 1:36 a.m. on May 19, Bitcoin was trading at $81,147.66 on Binance's Tether (USDT) market, up 5.90% from the previous day.