With a notable rise in the Bitcoin price, the market participants seem to have turned hopeful of the upcoming trend. Moreover, the whales have also tuned optimistic, which may have a positive impact on the rally. The crypto markets required a small bullish boost, which seems to have come in the form of tariff relaxations. Therefore, the BTC price and markets are expected to maintain a consolidated ascending trend unless new turbulence disrupts the trade dynamics.
Ever since the trade war began, whales and institutions have halted the accumulation of BTC. Besides, the ETFs also recorded consecutive outflows, hinting towards the growing uncertainty among them. Now that the pressure over the global markets appears to have dropped, the whales have yet again begun to accumulate Bitcoin. This suggests a major price action is fast approaching.
The whale’s accumulation of over $147 million worth of BTC points towards a major shift in the market dynamics. Whenever the whales accumulate heavily, the broader crypto market often undertakes a strong rise. The liquidation chart of Bitcoin validates bullish possibilities as the token could be heading towards a short squeeze.
The Bitcoin price underwent a massive upswing and attracted more than 11% gains, which is huge for the star token. Currently, the price is consolidating around the gains, which raises the possibility of a short squeeze. This occurs when the short sellers who got liquidated due to the price rise are forced to buy back at the local highs to recover the positions. This is expected to trigger the prices up, yet again liquidating the shorts.
However, the Bitcoin (BTC) price is required to surpass the crucial resistance at $86,900, which may set the stage for a new ATH, as suggested by the Mayer Multiple. Otherwise, levels slightly below $70,000 may offer a strong base.
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