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Bitcoin bears feel the heat as BTC looks all set to hit $60k

February 27, 2024
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Bitcoin bears feel the heat as BTC looks all set to hit $60k
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  • Recent Bitcoin surge leads to $285 million in liquidations, affecting short orders.
  • Put-to-call ratio declines and implied volatility declines.

Bitcoin [BTC] recently broke free from its stagnant state around the $51,000 range, experiencing a significant surge that left both investors and bears grappling with the aftermath.

Liquidations on the rise

According to AMBCrypto’s analysis of Coinglass’ data, in the past 24 hours, the surge prompted $285 million in liquidations, with short orders taking a substantial hit at $211 million.

A staggering total of 74,800 individuals faced liquidation, with the largest single order, worth $4.81 million, occurring on Binance for BTCUSDT.

On one hand, the liquidation of short orders could contribute to upward pressure on Bitcoin’s price, potentially creating a more favorable environment for long positions.

Conversely, the sheer volume of liquidations reflects a market shakeup, indicating potential volatility and uncertainty in the short term.

Source: Coinglass

Looking at trader behavior

Additionally, Bitcoin’s put-to-call ratio witnessed a decline during this period. This shift implies a decrease in bearish sentiment, as the ratio signifies the proportion of bearish (put) options to bullish (call) options.

A lower put-to-call ratio suggests a more optimistic market sentiment, potentially contributing to the positive momentum of Bitcoin’s price.

Additionally, Bitcoin’s Implied Volatility, a measure of market expectations for future price fluctuations, also experienced a decrease. While a decline in volatility can signal a more stable market, it may also indicate reduced speculative interest.

Source: Velo

What are holders up to?

Examining MVRV ratios provided more insights into the selling pressure on BTC holders. The decline in MVRV ratio suggests profit-taking among holders despite the surge in price.

See also  How Bitcoin can benefit from Tether's Q4 2023 growth

Profit-taking indicates confidence among holders. However, it might also introduce selling pressure, potentially leading to short-term corrections.

Surprisingly, despite the surge in BTC’s price, the total number of holders did not surge to previous levels. This observation suggests that the recent uptick in price may be attributed to older holders accumulating, rather than an influx of new participants.

At press time, BTC was trading at $56,308.79 and its price had grown by 9.66% in the last 24 hours.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The volume at which it was trading at had also grown by 235.73% during the same period and had reached a total of  $48,941,296,302.

If the optimism around BTC continues, its price could target $60,000 soon.

Source: Santiment

Next: Solana-based BONK and WIF up by 17% and 42% – Time to HODL?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice


  • Recent Bitcoin surge leads to $285 million in liquidations, affecting short orders.
  • Put-to-call ratio declines and implied volatility declines.

Bitcoin [BTC] recently broke free from its stagnant state around the $51,000 range, experiencing a significant surge that left both investors and bears grappling with the aftermath.

Liquidations on the rise

According to AMBCrypto’s analysis of Coinglass’ data, in the past 24 hours, the surge prompted $285 million in liquidations, with short orders taking a substantial hit at $211 million.

A staggering total of 74,800 individuals faced liquidation, with the largest single order, worth $4.81 million, occurring on Binance for BTCUSDT.

See also  How Bitcoin's move to $64K caused problems for Coinbase

On one hand, the liquidation of short orders could contribute to upward pressure on Bitcoin’s price, potentially creating a more favorable environment for long positions.

Conversely, the sheer volume of liquidations reflects a market shakeup, indicating potential volatility and uncertainty in the short term.

Source: Coinglass

Looking at trader behavior

Additionally, Bitcoin’s put-to-call ratio witnessed a decline during this period. This shift implies a decrease in bearish sentiment, as the ratio signifies the proportion of bearish (put) options to bullish (call) options.

A lower put-to-call ratio suggests a more optimistic market sentiment, potentially contributing to the positive momentum of Bitcoin’s price.

Additionally, Bitcoin’s Implied Volatility, a measure of market expectations for future price fluctuations, also experienced a decrease. While a decline in volatility can signal a more stable market, it may also indicate reduced speculative interest.

Source: Velo

What are holders up to?

Examining MVRV ratios provided more insights into the selling pressure on BTC holders. The decline in MVRV ratio suggests profit-taking among holders despite the surge in price.

Profit-taking indicates confidence among holders. However, it might also introduce selling pressure, potentially leading to short-term corrections.

Surprisingly, despite the surge in BTC’s price, the total number of holders did not surge to previous levels. This observation suggests that the recent uptick in price may be attributed to older holders accumulating, rather than an influx of new participants.

At press time, BTC was trading at $56,308.79 and its price had grown by 9.66% in the last 24 hours.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The volume at which it was trading at had also grown by 235.73% during the same period and had reached a total of  $48,941,296,302.

See also  Can Bitcoin surge to $122,000 post-halving?

If the optimism around BTC continues, its price could target $60,000 soon.

Source: Santiment

Next: Solana-based BONK and WIF up by 17% and 42% – Time to HODL?
Tags: 60KbearsBitcoinBTCfeelHeathitset

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Everything You Need to Know About the PAWS Airdrop

Everything You Need to Know About the PAWS Airdrop

April 5, 2025
NFT Marketplace Tensor To Issue Governance Token

NFT Marketplace Tensor To Issue Governance Token

March 13, 2024
Age-old Cardano debate resurfaces: Which side are you on?

Age-old Cardano debate resurfaces: Which side are you on?

March 28, 2024
Adidas Launches Exclusive Doodles Apparel Alongside Pharrell Song

Adidas Launches Exclusive Doodles Apparel Alongside Pharrell Song

August 10, 2024

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