Bitcoin ‘cascading long squeeze’ to blame for slump to $60K

An increasing number of traders entering new long positions was the "fuel” behind Bitcoin’s slump to $60,000, according to a Bitcoin analyst Willy Woo.

“Speculators kept adding to new long positions, just adding more fuel for more liquidations in a cascading long squeeze,” pseudonymous Bitcoin analyst Willy Woo wrote in a June 24 X

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