#Explosive #bitcoin #price #approaches #shorts #suffer #major #damage
Yesterday, bitcoin (BTC) suddenly started to rise extremely fast. Last night, this increase continued somewhat, reaching the highest level since November 2021.
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Bitcoin price touches $57,000
Starting with the current state of affairs. The chart of the past 24 hours shows that Bitcoin started to rise around 3:00 PM yesterday. The price quickly broke through the price area at $52,000, where BTC has had great difficulty breaking through since mid-February.
The rally briefly paused around $54,000 before picking up speed again at 2am last night. Ultimately, the current local peak at $57,250 was reached an hour later.
The bitcoin price of the past 24 hours. – Source: CoinMarketCap.
At the time of writing, the bitcoin price on crypto exchange Bybit (Powered by SATOS) is $56,216. On the Dutch crypto exchange Bitvavo, the bitcoin price is 51,803 euros.
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Bitcoin shorts are suffering significant losses
No one knows exactly why the bitcoin price is rising so fast now. The sentiment regarding the bitcoin stock exchange funds (ETFs) still remains positive, with it now looking like yesterday again large inflows.
In addition, the shorters undoubtedly a role. These traders expect bitcoin to fall and thus make a profit with a short position. But if BTC goes the other way, they have to close their short position, which actually causes the price to rise. This is because bitcoin must be purchased to close a short position.
The pain of the shorts is clearly visible on the graph of blockchain data platform Coinglass. For example, $177 million worth of short positions were liquidated yesterday and $104 million today.
According to analyst Checkmate, shorts are currently making the same mistake: speculating that the prevailing upward trend will come to an end.
“Do you know what sets this rally apart from the last time Bitcoin hit $57,000 in 2021?
This time, short sellers continue to bet against the prevailing uptrend, causing them to be liquidated.
During real bull market peaks, it is the longs [handelaren die een verdere stijging verwachten] with a lever that are swept away. At the moment it is the shorts.”
Article continues after post.
You know what sets this rally apart from the last time #Bitcoin hit $57k in 2021?
This time, short-sellers continue to bet against the prevailing uptrend, getting liquidated as a result.
At true bull market peaks, its the levered longs that get wiped out. Right now, its the 🩳s pic.twitter.com/V6vCo59al9
— _Checkɱate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) February 27, 2024
For the day ahead, the current peak at $57,000 remains the main obstacle. If bitcoin can also break through this level, the $60,000 will be the next important hurdle. If the BTC price corrects from here, the next support zone will be at $52,700.
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