Bitcoin ($BTC) Renews All-Time High… Surpasses $116,400, Short Squeeze Sparks

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Bitcoin (BTC) has broken through $116,400 (approximately 161.7 million won), setting a new all-time high. This rise was attributed to a large-scale short squeeze of about $1 billion (approximately 1.39 trillion won), demonstrating strong buying pressure across the cryptocurrency market. According to market data platform Coinglass, the liquidation of short positions in the past 24 hours reached approximately $940 million (about 1.3066 trillion won). An overwhelming 94% of total liquidations were short positions, which served as a key driver pushing Bitcoin's price upward. The strong buying pressure in the market triggered consecutive liquidations of short traders, accelerating the price increase. Bitcoin rose 4.6% in 24 hours and 5.5% over seven days, providing impressive returns to investors. This upward trend was particularly strong, with daily trading volume reaching $50 billion (approximately 69.5 trillion won), interpreted as a signal of a new inflection point. Beyond Bitcoin, the entire market is riding the upward trend. Ethereum (ETH) approached $3,000, and XRP was trading around $2.6. The total cryptocurrency market capitalization currently stands at approximately $3.7 trillion, showing the strongest upward momentum ever. This new all-time high for Bitcoin goes beyond a simple technical rebound, providing a significant turning point in overall investment sentiment. The large-scale short liquidation, led by aggressive buying forces, suggests further potential for additional price increases.

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