In the last 24 hours, the Bitcoin price experienced a significant surge of 2%, touching an intraday high of $27,320 yesterday. As of this writing, the BTC price hovered near the $27,000 mark.<\/p>\n
Several analysts have offered insights into the recent upward trajectory. Renowned crypto specialist Skew elucidated on Twitter, \u201cBTC Aggregate CVDs & Delta: Lower timeframe stuff but pretty clear spot absorption around the high, so $27.2K is an important price area to clear for spot buyers. Most of the push up was perp driven with spot trailing price (short liquidations & strong perp bid).\u201d<\/p>\n
Skew\u2019s chart unveils that the momentum was predominantly backed by short liquidations and sturdy bids in the perpetual markets. Upon touching the $27,200 threshold, spot market selling began, indicating a potential local zenith for the Bitcoin price.<\/p>\n
Complementing the data, on-chain analytics firm Santiment confirmed that open long and short Bitcoin positions surged as Bitcoin\u2019s price enjoyed a bullish Thursday. The chart shared by Santiment correlates Bitcoin\u2019s ascent with the augmented open interest in the futures market.<\/p>\n
\u201cAfter a quick price retrace after those longs & shorts quickly closed yesterday, they have remained high today, allowing prices to maintain their levels,\u201d the on-chain tracker said.<\/p>\n
On a bullish note, Santiment commented<\/a> that Bitcoin sharks and whale addresses, which are defined as 10-10,000 BTC wallets, have now accumulated to their highest amount held in 2023, amounting to 13.03 million BTC. Additionally, Tether sharks and whales are accumulating buying power. \u201cThis is generally a bullish combination,\u201d Santiment remarked.<\/p>\n Nonetheless, the analysis firm also sounded a note of caution: \u201cThe long-term outlook is bright for Bitcoin with whales accumulating BTC & USDT. However, watch for a short-term correction, with traders profit taking heavily as $27K hit Thursday. When the 7D MVRV gets below 0, that may be ideal for another leg up.\u201d<\/p>\n Their data further highlights that during yesterday\u2019s significant move, Bitcoin showcased its highest on-chain profit\/loss mark in the past quarter, which usually hints at an impending short-term correction.<\/p>\n DaanCrypto, another industry pundit, remarked<\/a> during the price flux, \u201cBitcoin Price up, Spot Premium up, Funding down. This move has seen a strong sustained spot bid so far which is looking quite healthy as we speak.\u201d<\/p>\n Similarly, renowned crypto analyst Exitpump chimed in<\/a> during the price crescendo with the observation, \u201cBTC Binance spot orderbook: Noticed chasing bid on the book with big asks stacked slightly above the price, it\u2019s getting interesting. Maybe a spoof buy wall, but I think that it just grinds higher.\u201d<\/p>\n As described in one of our last analyses<\/a>, the Bitcoin price is facing a crucial monthly close tomorrow, Saturday. Rekt Capital, a seasoned crypto analyst, recently spotlighted the significance of Bitcoin\u2019s approaching monthly candle close.<\/p>\n Via X, he emphasized that Bitcoin is currently treating the $27,000 mark as a resistance. He elaborated, \u201cBitcoin needs to monthly close above $27,091 for this to be a fake-breakdown. Otherwise, the breakdown will be technically confirmed.\u201d In this case, a fall toward $23,000 could be imminent.<\/p>\n On the 1-day chart, Bitcoin is showing strong bullish momentum today. The BTC price has managed to break the (black) trend line. The task today is to defend the re-test. If it succeeds, a monthly close above $27,100 seems very likely, and a rally similar to June could be possible.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n In the last 24 hours, the Bitcoin price experienced a significant surge of 2%, touching an intraday high of $27,320 yesterday. As of this writing, the BTC price hovered near the $27,000 mark.<\/p>\n Several analysts have offered insights into the recent upward trajectory. Renowned crypto specialist Skew elucidated on Twitter, \u201cBTC Aggregate CVDs & Delta: Lower timeframe stuff but pretty clear spot absorption around the high, so $27.2K is an important price area to clear for spot buyers. Most of the push up was perp driven with spot trailing price (short liquidations & strong perp bid).\u201d<\/p>\n Skew\u2019s chart unveils that the momentum was predominantly backed by short liquidations and sturdy bids in the perpetual markets. Upon touching the $27,200 threshold, spot market selling began, indicating a potential local zenith for the Bitcoin price.<\/p>\n Complementing the data, on-chain analytics firm Santiment confirmed that open long and short Bitcoin positions surged as Bitcoin\u2019s price enjoyed a bullish Thursday. The chart shared by Santiment correlates Bitcoin\u2019s ascent with the augmented open interest in the futures market.<\/p>\n \u201cAfter a quick price retrace after those longs & shorts quickly closed yesterday, they have remained high today, allowing prices to maintain their levels,\u201d the on-chain tracker said.<\/p>\n On a bullish note, Santiment commented<\/a> that Bitcoin sharks and whale addresses, which are defined as 10-10,000 BTC wallets, have now accumulated to their highest amount held in 2023, amounting to 13.03 million BTC. Additionally, Tether sharks and whales are accumulating buying power. \u201cThis is generally a bullish combination,\u201d Santiment remarked.<\/p>\n Nonetheless, the analysis firm also sounded a note of caution: \u201cThe long-term outlook is bright for Bitcoin with whales accumulating BTC & USDT. However, watch for a short-term correction, with traders profit taking heavily as $27K hit Thursday. When the 7D MVRV gets below 0, that may be ideal for another leg up.\u201d<\/p>\n Their data further highlights that during yesterday\u2019s significant move, Bitcoin showcased its highest on-chain profit\/loss mark in the past quarter, which usually hints at an impending short-term correction.<\/p>\n DaanCrypto, another industry pundit, remarked<\/a> during the price flux, \u201cBitcoin Price up, Spot Premium up, Funding down. This move has seen a strong sustained spot bid so far which is looking quite healthy as we speak.\u201d<\/p>\n Similarly, renowned crypto analyst Exitpump chimed in<\/a> during the price crescendo with the observation, \u201cBTC Binance spot orderbook: Noticed chasing bid on the book with big asks stacked slightly above the price, it\u2019s getting interesting. Maybe a spoof buy wall, but I think that it just grinds higher.\u201d<\/p>\nWhat\u2019s Next For BTC Price?<\/h2>\n
Why Is Bitcoin Price Up Today?<\/h2>\n
What\u2019s Next For BTC Price?<\/h2>\n