Bitcoin

James

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<ul>
 <li>Speculation around BTC reaching the $48,000 mark grew.</li>
 <li>As BTC’s price surged, a short squeeze occurred.</li>
</ul>
<a href="https://eng.ambcrypto.com/search/Bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> rally may not be slowing down anytime soon according to recent data. There’s many that believe that BTC will reach the&nbsp; $48,000 mark.
<h4>Onwards and upwards</h4>
If Bitcoin surpasses 45k, a quick move to 48k is likely due to the limited supply between 45k-47k. About 4% of the supply is around $48k, suggesting potential profit-taking by those who bought at the 2021 Q1 top.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Once <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> breaks 45k, I think we could swiftly get to 48k. Very little supply sits in between 45k-47k.
 Almost 4% of the supply sits at $48k, assuming substantial profit taking at these levels, who bought the 2021 Q1 top. <a href="https://t.co/1ULycn2BVv" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1ULycn2BVv</a>
 — James Van Straten (@jimmyvs24) <a href="https://twitter.com/jimmyvs24/status/1733542787012850132?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 9, 2023</a>
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Recently, a whale added 3000 BTC, worth around $132 million, to Binance, generating approximately $23 million in profit.
Over the past year, this whale has executed three BTC trades, consistently buying at price lows and selling at highs, resulting in a total profit of around $61 million with a perfect 100% win rate.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A smart whale deposited 3K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($132.7M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> today, making ~$23M.
 This whale has traded <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> 3 times in the past year, he/she bought <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> at price lows and sold at highs each time.
 The total profit is ~$61M and the win rate is 100%.<a href="https://t.co/1U2MmJq0kH" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/1U2MmJq0kH</a> <a href="https://t.co/1jcn9S4TUo" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1jcn9S4TUo</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1733491432114286698?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 9, 2023</a>
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<h4>Trader behaviors</h4>
BTC Futures data on the Binance Orderbook showed that short positions faced significant liquidations as prices rose and open interest decreased.
This short-squeeze covered several unnoticed sell orders but encountered resistance at larger blocks. Currently, there are notable bids and asks around the current price, with significant levels at $44,500 and $46,100 acting as resistance, and $41,000 serving as a support level.
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 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> Futures data &amp; <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> Orderbook
 Shorts got carried out last night (Price up, OI down, Liquidations up). That small short-squeeze has filled a bunch of the 'under the radar' distribution but stopped around the bigger block.
 Currently, there are some supportive bids and… <a href="https://t.co/Wd5FLlFNdR" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Wd5FLlFNdR</a> <a href="https://t.co/2goP31d4it" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2goP31d4it</a>
 — Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1733392041311101037?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 9, 2023</a>
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The liquidation of short positions could create upward pressure on the price as short-sellers cover their positions, contributing to a potential bullish momentum.
However, the resistance at key levels may pose challenges for further price appreciation, as these levels historically attract selling interest.
Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24
At press time, BTC was trading at $44,326.57 and its price had grown by 1.93% in the last 24 hours.
The volume at which BTC was trading, however, fell significantly.
<div id="attachment_81556" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81556" loading="lazy" class="wp-image-81556 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023.png" alt="" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023-300x102.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023-1024x347.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023-768x260.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023-1536x520.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/10113033/Bitcoin-BTC-11.30.21-10-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
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The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/bitcoin-is-48000-the-next-btc-target/" data-wpel-link="internal" target="_self">Bitcoin: Is $48,000 the next BTC target?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Bitcoin: Is $48,000 the next BTC target?

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