Bitcoin’s $60,000 breach triggers $48M in short liquidations – More to come?
The post Bitcoin’s $60,000 breach triggers $48M in short liquidations – More to come? appeared on BitcoinEthereumNews.com.
Over 28,000 BTC have been accumulated by whales and sharks in the last three months Bitcoin, at press time, was trading above $60,000, despite recent declines Bitcoin [BTC] successfully crossed the critical $60,000 psychological resistance, resulting in a significant volume of short liquidations over the past 24 hours. In the build-up to this price breakthrough, accumulation patterns from key addresses intensified over the last three months. Additionally, BTC supply on exchanges steadily declined too, with more Bitcoin leaving exchanges. BTC crosses the psychological barrier An analysis of Bitcoin’s price action on 13 September revealed a strong upswing, one that pushed BTC above its psychological resistance of $60,000. In fact, at one point, it was trading at $60,543, up by 4% in just 24 hours. This surge allowed Bitcoin to break above its short-moving average (yellow line), which had previously acted as resistance. Now, while the cryptocurrency declined soon after to $60,177, BTC remains bullish. The same was confirmed by its Relative Strength Index (RSI), with the same hovering at around 55 – A sign of positive market momentum. Source: TradingView The movement above the short-term moving average and the sustained bullish RSI suggested that Bitcoin may still be on an upward trajectory. The slight pullback may be temporary, with the potential for further gains if buying pressure continues to build. Bitcoin’s sustained accumulation and withdrawal Recent data also highlighted that Bitcoin accumulation and exchange withdrawals have been significant over the past few months – A bullish trend. According to data from Santiment, addresses holding 10 BTC or more have accumulated over 28,000 BTC in the last three months. These large holders now control more than 16 million BTC, showing increased confidence in the asset. Additionally, Bitcoin dropped below $60,000 on 29 August, meaning these addresses have accumulated BTC at various…
Filed under: News - @ September 14, 2024 7:04 pm