Bitcoin, the most successful asset of the last 15 years, is once again proving its naysayers wrong. In the past hour alone, a staggering $687.22 million in Bitcoin shorts have been liquidated, as reported by the crypto data aggregator CoinGlass.
This surge in liquidations has fueled a sudden spike in Bitcoin’s price, pushing it above $116,000. Starting the day at around $111,000, Bitcoin has seen a 4.7% increase in the last 24 hours. This recent rally has propelled Bitcoin’s total value above tech giant Google, with only Amazon, Apple, Microsoft, Nvidia, and Gold ahead in the rankings.
Furthermore, this rally has brought Bitcoin closer to M2 global liquidity, which measures the total money supply including cash, checking deposits, and easily convertible near-money assets. Macro analyst Martin Folb has shared an updated chart showing Bitcoin’s price against global liquidity, indicating that Bitcoin has surpassed a key accumulation zone.
Folb predicts that Bitcoin will continue its upward trajectory, reaching $125k on its way to $160k. He suggests that the Wyckoff Accumulation phase is officially over, with distribution now beginning as Bitcoin follows global liquidity trends.
Wyckoff Accumulation is a technical analysis pattern that tracks an asset’s behavior during a consolidation phase, identifying when supply at lower prices is absorbed. This signals a potential shift in market sentiment and price direction.
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Featured Image Source: Shutterstock/solarseven/Natalia Siiatovskaia
With Bitcoin’s recent surge and bullish momentum, investors and analysts are keeping a close eye on its price movements and market dynamics. As Bitcoin continues to defy expectations and break new records, the future looks bright for this pioneering cryptocurrency.