The $121,600 level in Bitcoin is critical for a new rally.

Bitcoin (BTC) has caught the attention of investors again by exceeding the 121,000 dollar level after recent fluctuations. The ETF inflows in the markets and institutional purchases continue to support Bitcoin's upward momentum. Especially the strong demand for US-based ETFs stands out as one of the main reasons for Bitcoin's short-term recovery.

Data shows that if the Bitcoin price exceeds 121,600 dollars, many short positions could be liquidated. This situation has the potential to quickly push the BTC price to new highs. According to Coinglass data, given the current circumstances, breaking this level could trigger a wave of short squeezes. Leveraged Bitcoin short positions carry significant risks above the 121,600 dollar level.

According to Glassnode's report, it is noted that the leverage ratios in the market have been rebalanced, but the total open positions still remain high. The open positions in Bitcoin futures are approaching record levels, and a similar situation is observed for Ethereum (ETH). This environment plays an important role in how investors shape their strategies.

On the other hand, the situation in altcoins is also noteworthy. Open positions in leading altcoins like BNB, XRP, Cardano (ADA), and TRON (TRX) have decreased in the last 24 hours. This indicates that investor capital has shifted towards Bitcoin in the short term. In the Monero (XMR) market, the funding rate approaching %60 on an annual basis signals expectations of excessive bullishness. However, the collapse of China-themed meme coins on the BNB Chain has posed significant risks for investors. Tokens like GIGGLE, 四, and 哈基米 have lost over %95 of their value within 24 hours, leaving investors in a difficult situation.

All these developments create an important agenda for investors closely monitoring Bitcoin's price movements. It is essential for investors to watch critical levels such as 121,600 dollars and to shape their strategies according to market trends.