In the last 24 hours, the price of bitcoin saw a significant increase of 2%, reaching an intraday high of $27,320 yesterday. At the time of writing, the price of btc was hovering around the $27,000 mark.
Several analysts have offered insights into the recent upward trajectory. Renowned crypto specialist Skew clarified on Twitter: “btc and Delta aggregate CVDs: Shorter time frames but pretty clear spot absorption around the high, so $27,200 is an important price area to clear for buyers.” cash. Most of the momentum was driven by the criminal with the spot price (short liquidations and strong offering from the criminal).”
The Skew chart reveals that the momentum was predominantly supported by short liquidations and strong bids in the perpetual markets. Touching the $27,200 threshold, sales began in the spot market, indicating a possible local zenith for the price of bitcoin.
Complementing the data, on-chain analytics firm Santiment confirmed that bitcoin long and short open positions increased as bitcoin price enjoyed a bullish Thursday. The chart shared by Santiment correlates the rise of bitcoin with the increase in open interest in the futures market.
“After a rapid pullback in prices after those longs and shorts quickly closed yesterday, they have remained high today, allowing prices to maintain their levels,” the on-chain tracker said.
On a bullish note, Santiment commented that bitcoin shark and whale addresses, which are defined as wallets of 10 to 10,000 btc, have now amassed their largest amount held in 2023, amounting to 13.03 million btc. Plus, sharks and whales are accumulating purchasing power. “This is generally a bullish combination,” Santiment commented.
However, the analysis firm also sounded a note of caution: “The long-term outlook is bright for bitcoin with whales accumulating btc and USDT. However, one must watch out for a short-term correction, in which traders will take big profits when $27,000 was reached on Thursday. When the 7D MVRV drops below 0, it may be ideal to take another step forward.”
Their data further highlights that during yesterday’s major move, bitcoin showed its highest on-chain profit/loss mark in the last quarter, which generally hints at an impending short-term correction.
DaanCrypto, another industry expert, commented During the price change, “bitcoin price goes up, spot premium goes up, funding goes down. This move has seen strong spot supply sustained so far which looks quite healthy at the moment.”
Similarly, renowned crypto analyst Exitpump intervened During the price crescendo with the observation, “btc Binance Spot Order Book: I noticed supply being chased in the book with large requests accumulating slightly above the price, it’s getting interesting. Maybe it’s a fake shopping wall, but I think it’s just going up.”
<img decoding="async" loading="lazy" class="wp-image-553485 size-full" src="https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg" alt="btc Binance Spot Order Book” width=”1510″ height=”599″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=1510 1510w, https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=460 460w, https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=860 860w, https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=750 750w, https://technicalterrence.com/wp-content/uploads/2023/09/1696000169_64_Why-has-the-price-of-Bitcoin-risen-today-Insights-from.jpg?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” data-recalc-dims=”1″/>btc Binance Spot Order Book | Source: X @exitpumpBTC
As outlined in one of our latest analyses, bitcoin price faces a crucial monthly close tomorrow, Saturday. Rekt Capital, an experienced crypto analyst, recently highlighted the importance of the upcoming monthly bitcoin candle close.
Through X, he emphasized that bitcoin is currently treating the $27,000 mark as resistance. He explained: “bitcoin needs to close monthly above $27,091 for this to be a false breakout. Otherwise, the fault will be technically confirmed.” In this case, a drop towards $23,000 could be imminent.
According to the 1-day chart, bitcoin is showing strong bullish momentum today. btc price has managed to break the trend line (black). The task today is to defend the new evidence. If successful, a monthly close above $27,100 seems very likely, and a June-like rally could be possible.
