The long-awaited recovery, expected to push Bitcoin to a new all-time high, happened almost exactly as analysts’ predicted. The leading cryptocurrency would hit a new all-time high of $61,800 after bulls regained momentum earlier this week and set out to break previous resistance turned support at $50,000.
The upsurge was still highly speculated as whale dumps were still dominating trading activities, while retail traders became an easy catch –as they were constantly selling at every dip.
Meanwhile, Bitcoin shorters are getting drowned as the bulls take over. Liquidation metrics show that $344.4 million worth of Bitcoin shorts were liquidated just 4 hours before Bitcoin broke $60,000.
The upsurge to $60,000 as we reported a while back was imminent, largely because of institutional accumulation which had surpassed the metrics captured on the Bitcoin blockchain.
BTCUSD Chart By TradingViewJust as asserted, popular on-chain analyst Willy Woo has revealed that Bitcoin is well-positioned to stay afloat $60,000. This is in tandem as on-chain metrics show that investors’ wallets are swelling by the second.
“Solid validation of $60k Bitcoin already. The coins moving into investor wallets at this price level is already quite huge given the short number of hours we’ve had so far.” Asserts Willy Woo.
The buying rate is surging at an increasing pace, hence the likelihood of a correction is extremely low.
This is reflected on Glassnode’s URPD chart, which captures the number of supply recorded in investors’ wallets.
As displayed in the chart above, at a price point of $59,417, there’s nearly $200,000 flowing into investors’ …
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