Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level
2024年4月26日 - 8:00AM
NEWSBTC
The Bitcoin price continues to fluctuate wildly after crashing from
its all-time high price above $73,000. This has triggered a wave of
bearish sentiment in the market, causing a large number of crypto
traders to go short on the pioneer cryptocurrency. As a result,
these bears lose, risking a large amount if the Bitcoin price
resumes its bullish rally. Bears Will Lose $7.2 Billion If Bitcoin
Reclaims All-Time High In a post shared on X (formerly Twitter),
crypto analyst Ash Crypto revealed an interesting trend concerning
Bitcoin that has been developing. The screenshot shared shows that
a large number of short trades have been placed on BTC, with the
expectation that the price could continue to fall. Related Reading:
Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are
The Targets Now, so far, these bulls look to be right as Bitcoin
has failed to successfully clear $67,000. However, they stand to
lose a lot of money if BTC is able to clear this resistance and
resume upward. According to Ash Crypto, there is over $7.2 billion
worth of BTC shorts which risk liquidation if Bitcoin were to reach
a new all-time high price above $74,000. At the time, the Bitcoin
price had recovered above $66,000, spurring a flurry of bearish
activity in the market. However, these bears seem to have
succeeded, as the BTC price has fallen below $64,000 at the time of
writing. As a result, bears have been emboldened, with the
expectation that the Bitcoin price will still from here. So far,
the liquidation trends risks have continued to rise as the BTC
price falls. Data from Coinglass shows that if Bitcoin were to
recover above $44,000 and reach a new all-time high, bears stand to
lose over $10 billion. Source: Coinglass BTC Bulls Are Not Giving
Up Even though Bitcoin bears seem to be making bank with the price
of Bitcoin falling, the bulls are far from done. Rather, they have
been using this price decline as an opportunity to fill up their
bags. This accumulation has been even more prominent among Bitcoin
whales, who have picked up 1.4% of the total supply in the last
month. On-chain data tracker Santiment reported that in the last
four weeks, Bitcoin whales have added 266,000 BTC to their balance.
The cohort responsible for this are those holding between 1,000 and
10,000 BTC, making them the mega whales. In total, they spent $17.8
billion on buying BTC in just one month. Related Reading: XRP Price
Ready For 70% Breakout As Long-Term Consolidation Nears Its End As
a result of this accumulation, these 1,000-10,000 BTC whales now
hold 25.16% of all BTC in existence. Their numbers are also on the
rise, with Santiment identifying this as the “Highest crowd bullish
bias since all-time high week in early March.” For now, Bitcoin
continues to struggle with the bears to hold the $63,000 support.
Its price is down 4.05% in the last day to trade at $63,600, at the
time of writing. BTC bears pull price down | Source: BTCUSD on
Tradingview.com Featured image from Coinpedia, chart from
Tradingview.com
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