In the last 24 hours, the Bitcoin price experienced a significant surge of 2%, touching an intraday high of $27,320 yesterday. As of this writing, the BTC price hovered near the $27,000 mark.
Why Is Bitcoin Price Up Today?
Several analysts have offered insights into the recent upward trajectory. Renowned crypto specialist Skew elucidated on Twitter, “BTC Aggregate CVDs & Delta: Lower timeframe stuff but pretty clear spot absorption around the high, so $27.2K is an important price area to clear for spot buyers. Most of the push up was perp driven with spot trailing price (short liquidations & strong perp bid).”
Skew’s chart unveils that the momentum was predominantly backed by short liquidations and sturdy bids in the perpetual markets. Upon touching the $27,200 threshold, spot market selling began, indicating a potential local zenith for the Bitcoin price.
Complementing the data, on-chain analytics firm Santiment confirmed that open long and short Bitcoin positions surged as Bitcoin’s price enjoyed a bullish Thursday. The chart shared by Santiment correlates Bitcoin’s ascent with the augmented open interest in the futures market.
“After a quick price retrace after those longs & shorts quickly closed yesterday, they have remained high today, allowing prices to maintain their levels,” the on-chain tracker said.
On a bullish note, Santiment commented that Bitcoin sharks and whale addresses, which are defined as 10-10,000 BTC wallets, have now accumulated to their highest amount held in 2023, amounting to 13.03 million BTC. Additionally, Tether sharks and whales are accumulating buying power. “This is generally a bullish combination,” Santiment remarked.
Nonetheless, the analysis firm also sounded a note of caution: “The long-term outlook is bright for Bitcoin with whales accumulating BTC & USDT. However, watch for a short-term correction, with traders profit taking heavily as $27K hit Thursday. When the 7D MVRV gets below 0, that may be ideal for another leg up.”
Their data further highlights that during yesterday’s significant move, Bitcoin showcased its highest on-chain profit/loss mark in the past quarter, which usually hints at an impending short-term correction.
DaanCrypto, another industry pundit, remarked during the price flux, “Bitcoin Price up, Spot Premium up, Funding down. This move has seen a…
Click Here to Read the Full Original Article at NewsBTC…
