Currencies33231
Market Cap$ 3.22T+3.08%
24h Spot Volume$ 62.44B-21.5%
DominanceBTC61.19%-0.84%ETH7.40%+4.76%
ETH Gas9.32 Gwei
Cryptorank
MainNewsBitcoin Rall...

Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?


by Wahid Pessarlay
for Coinspeaker
Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Coinspeaker
Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B broke the $99,000 mark earlier today, reaching a three-month high of $99,406.

The global crypto market cap increased by 2.7% in the past 24 hours, currently at $3.06 trillion, according to data from CoinMarketCap. Moreover, the daily trading volume rose 25% to $104.3 billion.

Following the bullish momentum, short trading positions started to liquidate fast. According to data from CoinGlass, the total crypto liquidations reached the $300 million mark over the past day, with the majority, worth $215 million, being shorts.

Bitcoin alone recorded $114.5 million in liquidations — $18.3 million longs and $96.2 million shorts.

According to Lookonchain, an anonymous Bitcoin address closed two short BTC positions and lost $1.6 million due to the price hike.

CoinGlass data shows that the largest single liquidation order in the past 24 hours, worth $10.6 million, also belonged to a short BTC trading position.

Historically, short liquidations trigger optimism among traders, pushing the price higher.

The Bullish Case for Bitcoin (BTC)

Bitcoin’s price surge came after the US Federal Reserve announced the interest rates will remain steady at 4.25% to 4.50%, according to CNBC. The leading digital asset recorded high volatility before the FOMC meeting on May 7.

This triggered bullish momentum for financial markets. The S&P 500 index gained 0.43% while the CBOE Volatility Index (VIX) dropped 7.71%.

As Bitcoin started to rise, a whale that had been inactive for four months bought 100 BTC for $9.78 million.

Increasing whale accumulation will push the Bitcoin price since there are no expectations of a selloff from analysts.

The positive inflows from the US-based spot BTC exchange-traded funds also strengthened the positivity around Bitcoin. SoSoValue data shows a net inflow of $142 million for these investment products.

Analysts at Bitfinex, a leading crypto exchange, expect Bitcoin to break its all-time high of $109,000 if the $95,000 support holds.

Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Read the article at Coinspeaker

Read More

Bitcoin Soars Toward $100,000 As Treasury, Not Fed, Drives Liquidity: Expert

Bitcoin Soars Toward $100,000 As Treasury, Not Fed, Drives Liquidity: Expert

Arthur Hayes, the co-founder of BitMEX and principal of Maelstrom Capital, contends t...
Bitcoin Poised To Retest All-Time High If This Level Holds, Says Bitfinex

Bitcoin Poised To Retest All-Time High If This Level Holds, Says Bitfinex

Bitcoin’s resurgence in April has positioned it for a potential breakout toward its a...
MainNewsBitcoin Rall...

Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?


by Wahid Pessarlay
for Coinspeaker
Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Coinspeaker
Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B broke the $99,000 mark earlier today, reaching a three-month high of $99,406.

The global crypto market cap increased by 2.7% in the past 24 hours, currently at $3.06 trillion, according to data from CoinMarketCap. Moreover, the daily trading volume rose 25% to $104.3 billion.

Following the bullish momentum, short trading positions started to liquidate fast. According to data from CoinGlass, the total crypto liquidations reached the $300 million mark over the past day, with the majority, worth $215 million, being shorts.

Bitcoin alone recorded $114.5 million in liquidations — $18.3 million longs and $96.2 million shorts.

According to Lookonchain, an anonymous Bitcoin address closed two short BTC positions and lost $1.6 million due to the price hike.

CoinGlass data shows that the largest single liquidation order in the past 24 hours, worth $10.6 million, also belonged to a short BTC trading position.

Historically, short liquidations trigger optimism among traders, pushing the price higher.

The Bullish Case for Bitcoin (BTC)

Bitcoin’s price surge came after the US Federal Reserve announced the interest rates will remain steady at 4.25% to 4.50%, according to CNBC. The leading digital asset recorded high volatility before the FOMC meeting on May 7.

This triggered bullish momentum for financial markets. The S&P 500 index gained 0.43% while the CBOE Volatility Index (VIX) dropped 7.71%.

As Bitcoin started to rise, a whale that had been inactive for four months bought 100 BTC for $9.78 million.

Increasing whale accumulation will push the Bitcoin price since there are no expectations of a selloff from analysts.

The positive inflows from the US-based spot BTC exchange-traded funds also strengthened the positivity around Bitcoin. SoSoValue data shows a net inflow of $142 million for these investment products.

Analysts at Bitfinex, a leading crypto exchange, expect Bitcoin to break its all-time high of $109,000 if the $95,000 support holds.

Bitcoin Rally to $99K Costs This Whale $1.6M: What’s Bullish Case?

Read the article at Coinspeaker

Read More

Bitcoin Soars Toward $100,000 As Treasury, Not Fed, Drives Liquidity: Expert

Bitcoin Soars Toward $100,000 As Treasury, Not Fed, Drives Liquidity: Expert

Arthur Hayes, the co-founder of BitMEX and principal of Maelstrom Capital, contends t...
Bitcoin Poised To Retest All-Time High If This Level Holds, Says Bitfinex

Bitcoin Poised To Retest All-Time High If This Level Holds, Says Bitfinex

Bitcoin’s resurgence in April has positioned it for a potential breakout toward its a...