– Advertisement –Follow-Us-On-Google-News

Bitcoin experiences a massive price surge triggering a short squeeze.

Bitcoin, in the last few hours, has surged above the $20k price point for the first time since early November.

In a tweet today, CryptoQuant chief Ki Young Ju disclosed that within this period, an unknown entity accumulated about $4 billion in BTC futures market orders, triggering $87 million in short liquidations across all exchanges. The massive transaction has left many questioning the identity and motive of this buyer, with many speculating that it is a market maker.

Notably, Bitcoin gained over $1k in price value in a few hours, rising quickly from a little above $19,800 to $21,054, an over 6% price surge. At press time, the asset’s price has cooled to about $20,911.78, but it still represents a 10.92% increase in the last 24 hours.

Coinglass data indicates that there have been $215 million in short BTC liquidations in the past 24 hours.

Meanwhile, amidst all of these, Santiment Feed, in a tweet today, has highlighted that small whale addresses have rapidly increased in the run-up to the latest Bitcoin breakout. Per details shared in the attached chart, 416 new addresses holding 100 to 1000 BTC have appeared in the last 8 weeks.

As recently highlighted by Dogecoin co-creator Billy Markus, no one can point to a specific reason for the renewed interest in the crypto markets. The latest Bitcoin rally comes after extremely low volatility, with some analysts asserting that Bitcoin was undervalued. 

Duo Nine, a prominent price action analyst, has asserted that a break above $22k will mark the end of the bear market. The analyst made this known in a tweet today in response to the latest price action.

– Advertisement –


Source link