On Sunday, Bitcoin broke the $27000 mark.The decline in prices has also boosted demand in the derivatives market
- On Sunday, Bitcoin broke the $27000 mark.
- The decline in prices has also boosted demand in the derivatives market.
Bitcoin [BTC] has exceeded $27000 in the past 24 hours, and market participants are prepared for a sustained upward trend.
According to CoinMarketCap data, the gold coin continued to move northward until encountering strong resistance at $27900. As of the writing of this article, the trading price of BTC is $27724, but after the recent legal victory, the hope of Bitcoin gaining bullish power remains high.
Whale Accumulation Bitcoin
With the SEC's decision to dismiss the appeal of the highly anticipated digital asset management company GrayscaleInvestments case, people's expectations of the Tecoin spot ETF becoming a reality have become higher than ever before. Perhaps this has also caught the attention of whale investors.
According to a recent article published by chain detective Ali Martinez, since the aforementioned development, the user group with 100-1000 tokens in the wallet has accumulated approximately 117 BTCs. Calculated at market prices, the new supply has reached 3.24 million US dollars.
A widely observed phenomenon in the financial market is that smart investors utilize the consolidation stage of assets with strong fundamentals to increase their existing assets.
Spot ETFs may push more funds into Bitcoin and the broader market, which is seen as the next big thing.
Suspicious factors
However, despite positive progress, people are still concerned about the next trend of the special currency. According to NUPL data, Ali Martinez emphasized in another article that the long-term holders of the coin (LTH) are concerned about the short-term adjustment of BTC prices.
Please note that NUPL specifically focuses on the difference between unrealized profits and unrealized losses. This is to determine whether the entire network is currently in a profit or loss state.
Speculative interest jumps
The decline in prices has also boosted demand in the derivatives market. Coinglass 24 (OI) 5% 116.7 SEC
Source: Coinglas
In addition, based on the long/short ratio, the number of long positions continues to exceed the number of short positions. This means that more traders are hopeful about the short-term rise of the special currency.
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