While altcoins attempt to erase early-week losses, Bitcoin manages to climb once again to maintain over $20,500

Following the announcement that big digital-assets lender Celsius had filed for bankruptcy, the larger cryptocurrency market was able to record gains for the second day in a row. While the price of Bitcoin has increased by 1.88 percent in the last 24 hours, it is now valued at $20,996 (approximately Rs. 16.8 lakh) on the Indian exchange CoinSwitch Kuber, up from $20,500 (about Rs. 16.5 lakh) in the past 24 hours. The price of Bitcoin is currently $20,556 (approximately Rs. 16.44 lakh) on major exchanges like CoinMarketCap, Coinbase, and Binance, while data from CoinGecko indicates that the value of BTC is currently down by 4.7 percent week-to-week.

Ether, meanwhile, has been able to experience a significant increase over the past day. At the time of publication, the value of Ether on CoinSwitch Kuber is $1,224 (approximately Rs. 97,990), while prices on international exchanges are $1,189 (about Rs. 95,209). Over the last day, the value of the cryptocurrency has increased by about 7.31 percent.

According to data from CoinGecko, Ether’s advances during the last several days have reduced the cryptocurrency’s losses over the past week to 3%.

BNB, Solana, Polygon, Stellar, Avalanche, Cardano, and Chainlink are all in the black, while Monero, Uniswap, Elrond, and Cosmos are leading the field with gains of over 7%.

Shiba Inu and Dogecoin Memecoins have also succeeded in rising as of early Friday. Shiba Inu’s value is currently $0.000011 (approximately Rs. 0.000875), up by 0.92 percent over the previous day, while Dogecoin’s value is currently $0.06 (about Rs. 5.17), having increased by 1.63 percent.

Bitcoin may soon experience a significant short squeeze, a situation that causes a sharp increase in the price, according to Ki Young Ju, CEO of the South Korean on-chain analytics business CryptoQuant. Given that short liquidations made up about 10% of hourly purchase market orders, according to June, there is a good chance that this scenario may come to pass soon.

Waiting for a big short squeeze.

In late 2020, many people kept punting short positions on $BTC and got liquidated in the $10k-20k range before the parabolic bull-run started.

Back then, 10% of hourly buy market orders were from short liquidations. Now, it's around 1%. pic.twitter.com/tlVdw2RQHX

— Ki Young Ju (@ki_young_ju) July 14, 2022

Ju argues that the possibility of another big short squeeze on Bitcoin does not signal the beginning of a new bullish cycle. It does, however, suggest that the cryptocurrency is almost at its bottom.