Anonymous Whales Close Its Huge Short Order Moments Before Bitcoin Price Surpasses $43,000
Contents
- Major relief
- State of bitcoin in the market
An anonymous whale that previously opened a big bet against the crypto market by shorting Bitcoin suddenly closed its massive position even after a minor move in the first cryptocurrency, according to TradingView.
Major relief
Almost immediately after the large short position was closed, the market faced a massive price surge to over $43,000. Some users have suggested that the massive short was removed using inside information about market movements.
Following the close of the short, the bears saw an increase in liquidation volume, with the volume of force-closed positions reaching $75 million in the past four hours, showing that most investors are not shy. did not expect such a significant price increase in a few hours.
As bullish trends prevail in the market, the quick run to $43,500 has failed and the first cryptocurrency has already rallied back to $42,200. But while the selling pressure increased after the price hit $43,000, we can still see similar price action on March 18th.
State of bitcoin in the market
According to the daily Bitcoin chart provided by TradingView, the first cryptocurrency remains in the ascending trading range for more than a month, indicating that the market is still consolidating.
Previously, on-chain analyst Willy Woo noted that the nature of Bitcoin cycles has changed, and now it does not follow regular halving cycles. Under modern cryptocurrency market conditions, one would expect an overall shift in market trends within months, unlike the four-year cycles the market faced before.
At press time, Bitcoin is trading at $42,354 with a price increase of 3.1% in the last 24 hours.
