Bitcoin Nears All-Time High, Liquidates $106M Short Positions
The Key Points in Brief
Bitcoin is on the verge of reaching its all-time high (ATH) of 69,000 US dollars. The cryptocurrency has seen a rise to over 68,000 US dollars in the last 24 hours, before profit-taking brought it back down to around 67,000 US dollars. This increase has led to the liquidation of Bitcoin short positions worth 106 million US dollars. Despite the high profits, many investors prefer to hold onto their Bitcoins, hoping for future gains.
Bitcoin on the Way to All-Time High
Bitcoin [BTC] is just a stone’s throw away from its previous all-time high (ATH), marking an impressive recovery from the bear market lows at the end of 2022. The world’s largest cryptocurrency broke the 68,000 US dollar mark in the last 24 hours, before profit-taking brought it back down to around 67,000 US dollars, according to CoinMarketCap.
Short Positions Worth 106 Million US Dollars Liquidated
The price increase led to the liquidation of Bitcoin short positions worth 106 million US dollars in the last 24 hours, according to data from Coinglass. This shows that those who had bet on a price drop were forced to close their positions and take losses.
High Profitability Could Trigger Selling Pressure
The recent price increases have catapulted the profitability of the Bitcoin network to a perfect 100%. On average, Bitcoin holders have unrealized gains of almost 20% on their investments. Despite these high profits, however, there is a risk that the incentive to sell could increase, which could slow down the Bitcoin price rise in the coming days.
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Fear & Greed Index Shows “Extreme Greed”
The Bitcoin Fear & Greed Index reached 90 for the first time in two years. This indicates “Extreme Greed” in the market and raises fears of a strong correction.
Our Assessment
Although the short-term outlook for Bitcoin appears positive, investors should be cautious. The high profitability and the “Extreme Greed” index could indicate an impending correction. In the long term, however, the potential of Bitcoin remains, especially given the fact that many investors are holding onto their Bitcoins despite high unrealized gains.
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Sources: CoinMarketCap, Coinglass, Santiment, CryptoQuant, Aniket Verma, Ann Maria Shibu
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $97,576.00 |
| 24h % | -0.99 % |
| 7d % | 7.15 % |
| 30d % | 43.89 % |
| 60d % | 53.50 % |
| 1y % | 159.25 % |
| Market Cap | $1,931,165,118,172.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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