Analysis: Current Bitcoin rally driven by whales with no major short positions yet to be liquidated
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Answer Analysis: Current Bitcoin rally driven by whales with no major short positions yet to be liquidated
The price of Bitcoin rose nearly to $60,000 today, for the first time since April.
The CEO of well-known data analytics firm CryptoQuant has revealed that Bitcoin whales were behind the recent Bitcoin price rush and that there have been no major short-term liquidations so far.
Today, Bitcoin touched levels close to $60,000 for the first time since April 18, 2021.
The value of Bitcoin is up 25% in the past 30 days, and 100% since the crash in July in which Bitcoin dropped below $30,000.
hung Ki Young Joo, CEO of CryptoQuant, said:Read:Find out the amount and value of cryptocurrencies seized by the US Cybercrime Unit in 2021
The rally was mainly driven by whales and we haven’t seen big short positions liquidated yet.
Short squeeze is an event in which the price of an asset rises significantly because leveraged short positions are liquidated, causing a snowball effect where as the price goes up, more positions are cleared, boosting the price further.
Looking further afield, the fact that there are no large liquidations on short positions may also have other implications.
Data from the Bybt platform reveals that in the past 24 hours, $150 million worth of short positions have been liquidated, which is actually not very important (a small amount).
This may indicate that there is confidence in the current rally.
Since there is not much pressure, this may lead to further validation of the operation and possibly push it to a higher level.
Cohesion of Bitcoin holders:
85% of the total circulating supply of bitcoin has not moved in more than three months.
This means that bitcoin holders trust the cryptocurrency and are not showing any signs of selling yet.Read:PayPal co-founder: Bitcoin could be a Chinese weapon!
Currently it is important to note that fundamental metrics and indicators are still very bullish, with most bitcoin holders continuing to accumulate.
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