- Speculation around BTC reaching the $48,000 mark grew.
- As BTC’s price surged, a short squeeze occurred.
Bitcoin’s [BTC] rally may not be slowing down anytime soon according to recent data. There’s many that believe that BTC will reach the $48,000 mark.
Onwards and upwards
If Bitcoin surpasses 45k, a quick move to 48k is likely due to the limited supply between 45k-47k. About 4% of the supply is around $48k, suggesting potential profit-taking by those who bought at the 2021 Q1 top.
Once #Bitcoin breaks 45k, I think we could swiftly get to 48k. Very little supply sits in between 45k-47k.
Almost 4% of the supply sits at $48k, assuming substantial profit taking at these levels, who bought the 2021 Q1 top. pic.twitter.com/1ULycn2BVv
— James Van Straten (@jimmyvs24) December 9, 2023
Recently, a whale added 3000 BTC, worth around $132 million, to Binance, generating approximately $23 million in profit.
Over the past year, this whale has executed three BTC trades, consistently buying at price lows and selling at highs, resulting in a total profit of around $61 million with a perfect 100% win rate.
A smart whale deposited 3K $BTC($132.7M) to #Binance today, making ~$23M.
This whale has traded $BTC 3 times in the past year, he/she bought $BTC at price lows and sold at highs each time.
The total profit is ~$61M and the win rate is 100%.https://t.co/1U2MmJq0kH pic.twitter.com/1jcn9S4TUo
— Lookonchain (@lookonchain) December 9, 2023
Trader behaviors
BTC Futures data on the Binance Orderbook showed that short positions faced significant liquidations as prices rose and open interest decreased.
This short-squeeze covered several unnoticed sell orders but encountered resistance at larger blocks. Currently, there are notable bids and asks around the current price, with significant levels at $44,500 and $46,100 acting as resistance, and $41,000 serving as a support level.
$BTC Futures data & #Binance Orderbook
Shorts got carried out last night (Price up, OI down, Liquidations up). That small short-squeeze has filled a bunch of the ‘under the radar’ distribution but stopped around the bigger block.
Currently, there are some supportive bids and… https://t.co/Wd5FLlFNdR pic.twitter.com/2goP31d4it
— Maartunn (@JA_Maartun) December 9, 2023
The liquidation of short positions could create upward pressure on the price as short-sellers cover their positions, contributing to a potential bullish momentum.
However, the resistance at key levels may pose challenges for further price appreciation, as these levels historically attract selling interest.
Read Bitcoin’s [BTC] Price Prediction 2023-24
At press time, BTC was trading at $44,326.57 and its price had grown by 1.93% in the last 24 hours.
The volume at which BTC was trading, however, fell significantly.
Source: Santiment
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