Bitcoin (BTC) has broken above $100,000, reaching almost $104,000, which is a positive move for BTC bulls. However, it may result in significant losses for investors who bet that Bitcoin's price would drop. Approximately $8 billion worth of short positions will be liquidated once the price reaches $110,000. Data also suggests that a continued Bitcoin rally may adversely affect traders, as the long-short ratio has been roughly even in the last 30 days. The recent rally was driven by Federal Reserve Chair Jerome Powell acknowledging Bitcoin's similarity to gold and the announcement of Paul Atkins as the new SEC Chair, who is considered more pro-crypto. Overall, Bitcoin is up 6.20% in the last 24 hours, 7.83% in the last week, and 48.96% in the last 30 days.



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