bullish

Value

Bitcoin

Secure

Pocket

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin broke through the $60,000 price barrier, prompting some whales to secure significant profits.</li>
 <li>Despite a significant sell-off, Bitcoin remains bullish with short-term holders moving into profit.</li>
</ul>
<p>Bitcoin has recently influenced the cryptocurrency market by breaking through the $60,000 price barrier. This surge has allowed some large-scale Bitcoin holders, also known as whales, to secure substantial profits and liquidate a number of short positions.</p>
<h2 id="bitcoin-whales-secure-profits">Bitcoin Whales Secure Profits</h2>
<p>Analysis of Bitcoin’s daily chart reveals that it broke its short-term resistance on 17th September. This resistance, formed by its short-term moving average, was overcome when Bitcoin gained over 3%, reaching around $60,300.</p>
<p>Following this breakout, Bitcoin experienced consecutive uptrends, ending the last trading session at approximately $63,362. Data from Santiment indicates that this price increase prompted some Bitcoin whales to realize profits. Over the past 96 hours, these large holders sold over 30,000 Bitcoin, worth around $1.86 billion.</p>
<p>Despite this significant sell-off, Bitcoin remains bullish. This is evidenced by its Relative Strength Index (RSI), which has remained above 60.</p>
<h2 id="short-positions-face-increased-liquidations">Short Positions Face Increased Liquidations</h2>
<p>The recent price appreciation has moved short-term Bitcoin holders into profit. Analysis of the 30-day Market Value to Realized Value (MVRV) ratio from Santiment showed it crossed above zero on 17th September and is currently nearing 5%. This suggests that holders within this timeframe are averaging nearly a 5% profit.</p>
<p>Since Bitcoin’s uptrend began, there has been a significant increase in the liquidation of short positions. Over $146 million worth of short positions were liquidated between 17th and 21st September. In contrast, long positions saw liquidations of around $63 million during the same period.</p>
<p>The Bitcoin funding rate has remained positive over the past few weeks, indicating that more buyers are entering the market compared to sellers. This trend may help Bitcoin absorb selling pressure from whales taking profits.</p>

Bitcoin Whales Pocket $1.8B in Profits: Can the Bull Run Continue?

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CoinEagle.com

Other articles published on Sep 23, 2024

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