Bitcoin profit taking lingers, but rally to $115K will liquidate $7B shorts
Improving US macroeconomic data gave Bitcoin price a boost, but onchain data points to prolonged profit taking among BTC investors.
Key takeaways:
Bitcoin could turn parabolic if prices move above $115,000 to liquidate more than $7 billion in short positions.
Onchain indicators enter overheated territory, suggesting prolonged profit taking from BTC investors.