Bitcoin price surged 15% on Thursday, marking the largest single-day move since February. Before this uptick, BTC succumbed to heavy selling pressure caused by uncertainty over high interest rates, jitters about a recession in the US, and rising geopolitical tensions in Europe and West Asia.
Bitcoin Price Today As Whales Threaten Rally
Bitcoin price remained above $60,000 on Friday during the American session. The largest cryptocurrency climbed to $62,755 following a breakout on Thursday, in tandem with the stock market’s S&P 500 rally from $5,200 to $5,326. Investors have welcomed this uptick, especially given Monday’s crash.
A glance at Bitcoin’s short-term whale holding patterns shows that BTC price upswing could be challenged in the unrealized profit range between $64,000 and $65,000. Based on the short-term vs. long-term whales metric from CryptoQuant this region could function as support or resistance.
If Bitcoin price breaks above the range, the rally aiming for $70,000 could follow. However, overhead pressure will overhang BTC should bulls fail to breach the resistance. Notice the long-term holder released price at $22,000 unreleased profit. Increasing demand for Bitcoin will continue to drive this level higher and ignite a significant move upward.
Sticking with the bearish perspective, the IOMAP model from IntoTheBlock highlights resistance in the area between $63,583 and $64,395, where 1.63 million addresses purchased roughly 927.3 BTC. The red circles represent potential selling pressure, with the most prominent coinciding with the Bitcoin short-term whales’ realized price range.
According to the short-term fundamental outlook on Bitcoin price today, a rejection from the above range may ignite another round of selling activities, pushing BTC to the most robust support between $54,520 and $55,657—validated by approximately 643.3k BTC volume.
BTC Price Edges Closer To $60,000
Bitcoin price hovered at $60,500 at the time of analysis after encountering headwinds above $62,000 on Thursday. In addition to the 20-day Exponential Moving Average (EMA) limiting upward movement at $61,490, a death cross in the same daily range suggests that the chances of the rally making it to $70,000 are shrinking.
The previous Bitcoin price forecast reveals that traders will consider switching to BTC shorts if the 200-day EMA support at $59,446 is broken. With a move like this one, the largest digital asset could sweep through the above IOMAP support.
The spike in short position liquidations, as viewed on Coinglass, could typically drive Bitcoin’s price today upwards. It is worth noting that as short sellers are pushed into buying back their positions to cover the losses incurred, the situation creates a tailwind, pushing BTC’s price higher.
Bitcoin short position liquidations, at $72.6 million, more than tripled long position liquidations, at $17.4 million. This, coupled with increasing open interest, makes up the ingredients of a rally targeting $70,000.
Frequently Asked Questions (FAQs)
This refers to the price holders purchased BTC. Following the drop to $49,000, if the price fails to break above this level, some whales may decide to sell at the breakeven point, contributing to the selling pressure.
Support at $60,000 promises liquidity for Bitcoin and may increase demand, igniting a breakout aiming for $70,000.
Should support at $60,000 fail, selling pressure may surge as Bitcoin price gravitates toward $55,000 support.
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John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
