The Bitcoin price could not support the Bullish Momentum after its rise to the current All-Time High Price of $ 108,786 in January, which led to a crash to around $ 74,000 in the following months. The most important cryptocurrency, however, seems to be browned back to life.
Even if the Bitcoin price is comfortable above the important six-digit threshold, an important question is the Bullish Run really back? Recent analysis at the chain suggests that the market leader may be preparing for resuming his Bullrun.
Binance witness to the largest shorts liquidation since April
In a Quicktake post on Cryptoquant, a pseudonymous on-chain analyst, Darkfost, unveiled That a large number of short positions on Binance was opened when Bitcoin fell from the current high price of all time. According to the crypto expert, this part of the derivatives market was a source of considerable sales pressure on the price of BTC in the following months.
Darkfost further explained that as the price of BTC started his recovery, these short positions were expected – although slowly, were liquidated and bought pressure for the cryptocurrency. However, this series of slow liquidations has been a new single-day High on 8 May since March.
According to Cryptoquant data, more than $ 31 million in short positions were wiped out on Binance, the world’s greatest exchange through trade volume. The graph below is of the on-chain indicator that shows the amount of liquidations in USD-de ‘Short Liquidaties USD’ Metriek.
Darkfost also revealed that the relatively low level of financing speeds is approximately 0.004. This trend suggests the abundant presence of short positions in the market, and also the unwillingness of Binance traders to go for a long time.
Darkfost concluded that further liquidations or closures of these short positions can lead to Bitcoin’s Bullish Trend regaining its momentum, which makes it possible to facilitate the further growth of the most important cryptocurrency. The Crypto analyst also mentioned the possibility that this potential of Bullish force could push the flagship cryptocurrency to break high price above his earlier all time.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 104,335, which reflects an increase of more than 1% in the last day. According to Coingecko data, the flagship Cryptocurrency has grown by almost 9% in the last seven days.