Massive Bitcoin Longs Appear On The Holiday Crypto Market
According to the most recent data, there was a dramatic rise in the number of long positions in Bitcoin (BTC) on exchanges today, July 4th and U.S. Independence Day.
This indicator has historically been interpreted as a warning of the bearish liquidation of the market. The development of several long positions caused the average funding rate of perpetual BTC futures to increase over the past few days and is currently at 0.0033 percent.
Altcoins on the joyful day faded into the background, while increasing interest and associated bets were seen to a greater extent only on Bitcoin.
Money that is “smart” is discrete and cautious
Another intriguing finding made by Santiment is that Bitcoin whales only make their biggest purchases after very tiny price changes, literally $100 to $200 and above, which keeps prices stagnant. That so, the price of bitcoin has routinely dropped following each such surge of transactions totaling more than $100,000 or $1 million.
Investors’ holiday spirits may be to blame for the market’s euphoria, but one should use caution when using newly discovered information.
The current price of Bitcoin appears to be incredibly alluring to acquire
Bitcoin appears to be incredibly alluring to acquire is exactly what the whales are doing. The crypto market could make an unexpected 10% squeeze down from these levels, or the same whales could close their positions into you after previously accelerating the price increase and then purchasing your liquidations. However, keep in mind that we are just entering the capitulation/accumulation phase.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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