Wednesday 9 August 2023


bitcoin logo photo pic image
Over the last month, Bitcoin has experiencing a dip below $30,000 benchmark, prompting skepticism which caused a wave of short positions against the digital currency.
However, within the past 24 hours, Bitcoin’s price snowballed, surpassing the $30,000 threshold.
Contemporarily, it is undergoing a correction.
Traders, who had positioned themselves for upward movement, took advantage of the rise, which orchestrated profit-taking.
The influential role of whales in the crypto landscape came to the forefront as remarkable long positions were initiated at the $29,000 level.
The strategic move highlights the whales’ prediction of possible price gains and dramatized their impact on market sentiment.
As Bitcoin showed an unexpected reinvigoration, short sellers found themselves in a challenging predicament.
Within 24 hours, the crypto market has witnessed a staggering $27 million worth of short positions being liquidated.
Furthermore, within the same 24-hour window, a significant surge in open interest, amounting to $616 million, unfolded.

This surge in open interest can amplify market volatility as well.

Along with the surge in Open Interest, there was a surge in the MVRV ratio as well.

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