Moments before the Bitcoin price breaks above $43K, an anonymous whale closes out a large Bitcoin short position.
The anonymous whale had previously opened a large position against the cryptocurrency market by selling Bitcoin. But all of a sudden, he closed his massive position even after a minor move from the top cryptocurrency.
This closing of the large short position on Bitcoin (BTC), almost instantly caused the market price to surge to over $43K.
Why did you decide to close the short? Many users think that the anonymous whale shorted Bitcoin for insider information on market movements. Does it then suggest that the price of Bitcoin will continue to rise in the short term?
After the short was closed, the bears experienced a spike in liquidation volume as the volume of forcibly closed positions reached $75 million in the last four hours, showing that most investors did not expect such a huge price increase in a matter of hours.
While bullish trends prevail in the market, the quick run to $43,500 failed and the first cryptocurrency has already pulled back to $42,200. But even though the selling pressure spiked after the price hit $43,000, we can still see some price action. price similar to that of March 18.
State of Bitcoin in the market
According to the Bitcoin daily chart provided by TradingView, the top cryptocurrency remains in the ascending trading range for more than a month, indicating that the market is still in the process of consolidation.
Earlier, renowned analyst Willy Woo noted on Twitter that the nature of Bitcoin’s cycles has changed and it now doesn’t follow regular halving cycles. Under modern cryptocurrency market conditions, we could expect the global turnaround of market trends in a matter of months in contrast to the four-year cycles the market previously faced.
We’re likely seeing the first signs of “The Last Cycle” thesis playing out. 3 relatively short bull and bear markets have transpired since the 2019 bottom already.
ie No more 4 year cycles. https://t.co/N3VzlKx2IA
— Willy Woo (@woonomic) March 20, 2022
At press time, Bitcoin is trading at $42,515 with a +3.65% price increase in the last 24 hours. This price increase is causing practically the entire crypto market to be having a positive day.
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