Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-price-surge-and-market-dynamics/" data-wpel-link="internal">Bitcoin’s Price Surge and Market Dynamics</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://coin-turk.com/unlu-uzman-uyardi-bitcoin-btc-icin-ayrisma-basladi" data-wpel-link="internal">Bitcoin</a>,</strong> reached an all-time high of $69,300 nearly two and a half years after the last bull market’s peak. It has been a long journey since November 2021, when <a href="https://en.coin-turk.com/ark-invest-ceo-predicts-over-2100-growth-in-crypto-market-value/" data-wpel-link="internal">Bitcoin</a> lost momentum and transitioned from a full bull market to a prolonged crypto winter. <a href="https://en.coin-turk.com/invesco-galaxy-bitcoin-etf-listed-on-dtcc-boosting-the-crypto-market/" data-wpel-link="internal">Crypto</a> investors had to wait until the beginning of 2023 for signs of hope. Since then, Bitcoin’s price has been climbing steadily, entering a new phase of price discovery.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Investors tend to check past data of any asset to guide them in a trade transaction. When an asset sets a new ATH record, it enters a phase where no one knows what will happen next. There are no resistance or support levels to guide an investor. Analyst Chris Dunn expects a domino effect that will push Bitcoin’s price to even higher levels in the short term:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“As people buy at the breakout points, short positions get liquidated, and potential sellers withdraw their orders from the books, I expect the trend to accelerate towards the all-time high.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><strong>Bitcoin</strong> has been rising steadily over the past year. However, since February 16th, Bitcoin’s price transformed into mega green candles, increasing Bitcoin’s price by 25%. Many investors were expecting a pullback during this period, but on February 27th, Bitcoin surprised the market with another giant green candle, raising the Bitcoin price by another 25% and surpassing the $60,000 level. These green candles caught many short position holders off guard.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-323365 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-1.png" alt="" width="2350" height="1111"></p> 
<h2 class="p1" style="text-align: justify" id="the-futures-market-and-bitcoin">The Futures Market and Bitcoin</h2> 
<p class="p1" style="text-align: justify">According to data from the crypto data platform <strong>CoinGlass</strong>, $161 million worth of Bitcoin short positions were liquidated in just 24 hours on February 27th. When Bitcoin briefly reached $57,000, short positions were liquidated, resulting in a total loss of $268 million. Since then, Bitcoin’s price has not fallen and has finally risen above the $69,000 level.</p> 
<p class="p1" style="text-align: justify">When short positions are liquidated, investors who bet on Bitcoin’s price drop usually have to buy back the Bitcoin they sold at a higher price to close their positions. This sudden increase in buying pressure can lead to a rapid rise in Bitcoin’s price.</p> 
<p class="p1" style="text-align: justify">Short sales can trigger a gradual effect known as a short squeeze, where those who shorted rush to buy back <strong>Bitcoin</strong> to close their positions, further driving up Bitcoin’s price. This phenomenon can intensify price movements and lead to significant volatility in the Bitcoin market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoins-price-surge-and-market-dynamics/" data-wpel-link="internal">Bitcoin’s Price Surge and Market Dynamics</a></h5>

Bitcoin’s Price Surge and Market Dynamics

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