Bitcoin (BTC) price, with the liquidation of short-term positions on crypto exchanges at very large levels, has started to become quite active. According to the data, the trading volume has now exceeded $ 100 billion, and according to the crypto community, this is a bull run.
Bitcoin Price Over $47,000!
Bitcoin price managed to gather some strength as millions of short positions were liquidated and made a rally, pushing its price above $47,000. According to Santiment analysts, on March 27, 2022, a massive short position liquidation took place on crypto exchanges.
Analysts speculate that Bitcoin’s recent price rally as high as $47,000 could be a response to massive liquidations over the weekend. The average funding rate has entered long territory, where uncertainty among market participants has increased. Therefore, analysts conclude that Bitcoin shortfalls are fueling the asset’s continued rally.
Chinese journalist Colin Wu cryptocurrency He shared a news stating that the total transaction volume of its units has increased by more than $ 100 billion in the last 24 hours. Citing Coinmarketcap data, Wu announced that he observed a 63.07% increase in crypto trading volume compared to March 26, 2022.
The total cryptocurrency market cap currently exceeds $2.12 trillion. Historically, analysts have witnessed high transaction activity when large wallet investors flocked to the market or took over crypto. Bloomberg analysts argue that Bitcoin looks overbought compared to its 50-day Moving Average.
Bitcoin price managed to break past the key resistance at $45,000 in the current rally and reset last year’s losses. FXStreet analysts evaluated the Bitcoin price and predicted the start of a new uptrend in the asset as it crossed the $45,000 level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.