Bears Will Be Washed Out Of Bitcoin If This Happens
Bitcoin's price has remained stable between $103,000 and $106,000 over the past week, despite a significant increase in long liquidations, which rose from 0% to +10%. This spike indicates distress among bullish traders but lacks a corresponding price crash, suggesting sustained buyer support. Long liquidations reached 2,200 BTC, the highest in a week, typically signaling traders exiting positions under pressure. Historical data shows that similar spikes often precede bullish reversals. Additionally, large wallets holding over 10 BTC increased by 231 addresses, while smaller retail wallets decreased by 37,465, indicating a divergence in sentiment favoring larger holders. Bitcoin's market value is just below $104,000, with potential for an upward breakout if retail investors reenter. However, Bitcoin's price recently dropped to $102,670, down 2.6% in 24 hours, influenced by U.S. military strikes on Iran, which triggered market risk aversion.
