It is important to note that the word “you” means “you”. Bitcoin price continues to fluctuate wildly The price of bitcoin has fallen from $73,000 to below $7,000, a record low. A wave of negative sentiment has now swept the crypto market. This is causing many traders to sell the original cryptocurrency. The bears who are shorting the pioneer cryptocurrency lose and may risk a lot of money if they fail. the Bitcoin price Bullish momentum continues to build.
Bears Lose $7,2 Billion if Bitcoin Returns to All-Time High
Post a comment shared Ash Crypto, a crypto analyst on X (formerly Twitter), revealed a new trend that is affecting Bitcoin. A screenshot revealed that there have been a lot of BTC shorts, in the belief that prices will fall.
These bulls are right so far as Bitcoin is still unable to reach $67,000. They could lose money, however, if Bitcoin fails to clear $67,000. BTC This resistance can be cleared and the upward movement resumed. Ash Crypto estimates that there are over $7.2 billion in cryptocurrency. BTC Shorts that risk liquidation in the event Bitcoin reaches a new high above $74,000.
At that time, Bitcoin had risen above $66,000. This sparked a frenzy of bearish activities in the markets. The bears appear to have won, because the BTC price The price of the car has dropped below $64,000 as at this writing.
Bears now expect that Bitcoin’s price will remain unchanged. The risks of liquidation have continued to increase as the BTC price falls. According to Coinglass, if Bitcoin recovers above $44,000 to reach a higher all-time level and reaches a new high for the bears over $10 billion will be lost.
Source: Coinglass
BTC Bulls Do Not Give Up
Although Bitcoin bears may be reaping the benefits of the falling price, bulls have not yet finished. Instead, they’ve been taking advantage of this drop in price to add more money into their pockets. The accumulation was even greater among Bitcoin whales who have accumulated 1.4% of total supply over the past month.
On-chain data tracker Santiment reported Bitcoin whales increased their Bitcoin balance by 266,000 BTC in just four weeks. These are the people with between 1,000 to 10,000 bitcoins. BTCThe mega whales are these people. Total, the whales spent over $17.8 Billion on BTC purchases in just one single month.
These 1,000 to 10,000 BTC whales now control 25.16 percent of BTC. Santiment also identifies this as the largest increase in their numbers. “Highest crowd bullish bias since all-time high week in early March.”
Right now, Bitcoin continues to struggle With the bears, to maintain the $63,000 resistance. At the time of this writing, its price has dropped 4.05% since the previous day and is now trading at $63,600.
Source:| Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, image from Coinpedia
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