bitcoin price continues to fluctuate wildly after falling from its all-time high price above $73,000. This has triggered a wave of bearish sentiment in the market, causing a large number of cryptocurrency traders to go short the pioneering cryptocurrency. As a result, these bears lose and risk a huge amount if the price of bitcoin resumes its bullish rally.
Bears Will Lose $7.2 Billion If bitcoin Reclaims All-Time High
in a post x.com/Ashcryptoreal/status/1782342603494601005″ rel=”nofollow”>shared On x (formerly twitter), crypto analyst Ash crypto revealed an interesting bitcoin-related trend that has been developing. The screenshot shared shows that a large number of short trades have been made on btc, with the expectation that the price may continue to fall.
Now, so far, these bulls seem to be right as bitcoin has failed to successfully break above $67,000. However, they stand to lose a lot of money if btc can overcome this resistance and resume the upside. According to Ash crypto, there are over $7.2 billion in btc shorts that are at risk of being liquidated if bitcoin were to hit a new all-time high price above $74,000.
At that time, the price of bitcoin had recovered above $66,000, causing a flurry of bearish activity in the market. However, these bears appear to have been successful, as the btc price has fallen below $64,000 at the time of writing.
As a result, bears have become emboldened, expecting the price of bitcoin to remain stable. So far, the risks of liquidation trends have continued to rise as the btc price falls. Coinglass data shows that if bitcoin were to recover above $44,000 and hit a new all-time high, bears could lose more than $10 billion.
<img decoding="async" class="alignnone wp-image-605082 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Bears-Risk-Losing-72-Billion-If-BTC-Price-Hits.png" alt="bitcoin” width=”502″ height=”203″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=2754 2754w, https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Bears-Risk-Losing-72-Billion-If-BTC-Price-Hits.png 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot-2024-04-25-at-13.46.57.png?w=1140 1140w” sizes=”(max-width: 502px) 100vw, 502px” loading=”lazy” data-recalc-dims=”1″/>
Source: Coinglass
btc bulls are not giving up
Although bitcoin bears appear to be making money from the falling bitcoin price, bulls are far from done. Rather, they have been using this price drop as an opportunity to fill their suitcases. This accumulation has been even more prominent among bitcoin whales, which have captured 1.4% of the total supply in the last month.
On-chain data tracker Santiment reported that in the last four weeks, bitcoin whales added 266,000 btc to their balance. The cohort responsible for this are those who own between 1,000 and 10,000 btc, making them mega whales. In total, they spent $17.8 billion buying btc in just one month.
As a result of this accumulation, these 1,000 to 10,000 btc whales now own 25.16% of all btc in existence. Its numbers are also rising, with Santiment identifying it as the crowd's “biggest bullish bias since the all-time high week in early March.”
For now, bitcoin continues to fight with the bears to hold the $63,000 support. Its price has dropped by 4.05% in the last day to trade at $63,600, at the time of writing.
x/DOT5fJ6t/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc bears pull price down | Source: BTCUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
