Bitcoin experiences a massive price surge triggering a short squeeze.
Bitcoin, in the last few hours, has surged above the $20k price point for the first time since early November.
In a tweet today, CryptoQuant chief Ki Young Ju disclosed that within this period, an unknown entity accumulated about $4 billion in BTC futures market orders, triggering $87 million in short liquidations across all exchanges. The massive transaction has left many questioning the identity and motive of this buyer, with many speculating that it is a market maker.
For the past 3 hours, someone(s) just bought ~$4B worth of $BTC futures in market orders, and $87M short positions liquidated across all exchanges.https://t.co/JDrkUzPMqq pic.twitter.com/tOrmokB0z3
— Ki Young Ju (@ki_young_ju) January 14, 2023
Notably, Bitcoin gained over $1k in price value in a few hours, rising quickly from a little above $19,800 to $21,054, an over 6% price surge. At press time, the asset’s price has cooled to about $20,911.78, but it still represents a 10.92% increase in the last 24 hours.
Coinglass data indicates that there have been $215 million in short BTC liquidations in the past 24 hours.
Meanwhile, amidst all of these, Santiment Feed, in a tweet today, has highlighted that small whale addresses have rapidly increased in the run-up to the latest Bitcoin breakout. Per details shared in the attached chart, 416 new addresses holding 100 to 1000 BTC have appeared in the last 8 weeks.
? Amongst many of the foreshadowing metrics for this 2023 breakout was the rapidly growing amount of addresses holding 100 to 1,000 $BTC. Price pumps generally occur marketwide when whales accumulate #Bitcoin. The #1 asset in #crypto is +26% in two weeks. https://t.co/JMh83m3mIu pic.twitter.com/FiRTLIc3LB
— Santiment (@santimentfeed) January 14, 2023
As recently highlighted by Dogecoin co-creator Billy Markus, no one can point to a specific reason for the renewed interest in the crypto markets. The latest Bitcoin rally comes after extremely low volatility, with some analysts asserting that Bitcoin was undervalued.
Duo Nine, a prominent price action analyst, has asserted that a break above $22k will mark the end of the bear market. The analyst made this known in a tweet today in response to the latest price action.
? When #Bitcoin breaks $22k the bear market is OVER!
Sometimes you got to trust what the chart says.
How high will it go and who’s buying?
I should have said 21k below or maybe 22k. ? pic.twitter.com/OLjXFNyeJz
— Duo Nine | discord.gg/ycc (@DU09BTC) January 14, 2023
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
