How Many Shorts Could Be Liquidated if Bitcoin Hits $120,000?
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Bitcoin’s steady climb toward the $120,000 mark carries more than just symbolic weight.
According to liquidation data from Coinglass, over $2.4 billion in short positions could be wiped out if the price crosses that level.
Currently trading around $115,800, Bitcoin has already forced shorts to cover across multiple leverage tiers. The liquidation heatmap shows a heavy concentration of short exposure between $116K and $120K, with most risk clustered in high-leverage bets ranging from 25x to 100x. If momentum continues, the cascade of liquidations could amplify upward pressure, creating what traders often call a “short squeeze.”
This dynamic isn’t new for crypto markets. Past liquidation clusters have triggered rapid moves higher, as forced buybacks compound organic demand. Analysts at Cointelegraph noted that while Bitcoin’s spot market remains relatively calm, derivatives positioning is increasingly setting the tone for short-term volatility.
Still, risks remain. If Bitcoin stalls before $120K, bearish traders could regain control, pushing the asset back toward lower support levels around $112K–$113K. But with liquidity thinning at higher levels and funding rates moderating, the setup leans bullish heading into next week’s FOMC meeting, where the Fed is expected to announce its first rate cut in nine months.
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