Expectations for Bitcoin's Rally to Continue Unabated - Latest cryptocurrency news

Expectations for Bitcoin’s Rally to Continue Unabated

According to the most up-to-date data, there is no expectation for the rally of the leading cryptocurrency Bitcoin (BTC) to slow down anytime soon. Many analysts believe that BTC is poised to reach the $48,000 level.

If Bitcoin surpasses $45,000, it could rapidly move to $48,000 due to a limited supply between $45,000 and $47,000. Approximately 4% of the supply is located at the $48,000 level, which could indicate potential profits for those who bought at the peak in the first quarter of 2021.

Technology & Populer Science News: Newslinker.co

A few days ago, a whale added about 3000 BTC worth approximately $132 million to the leading crypto exchange by volume, Binance, and earned a profit of around $23 million.

This whale has made a total profit of approximately $61 million over the past year by buying at low prices and selling at high prices. Data from Binance Orderbook for BTC futures showed that as prices increased, short positions faced significant liquidations and open positions decreased.

Short-term pressure covers some unnoticed sell orders but encountered resistance at larger blocks. In the current position, significant bids and asks around the current price are noticeable, for instance, resistance levels at $44,500 and $46,100, and a notable support at $41,000. The liquidation of short positions could create upward pressure on the price.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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