Bitcoin Hits $108,600, Whales Buy BTC Worth $287 Million: A Rally to $115k Ahead?

Key Highlights

• Bitcoin rallies past $108k after short squeeze

• Bitcoin whales are buying BTC accumulating Bitcoin worth $287 million

Bitcoin Breaks Out Hitting $108k

After a long period of consolidation, Bitcoin has broken out from the consolidation range. On daily charts, Bitcoin has rallied jumping from $105k to $108k.

Surge in BTC Futures Short Liquidations Spikes to Over 350K as Price Experiences Volatility.

The spike in prices arises mostly fueled by a short squeeze. According to Glassnode, the market are up likely fueled by a wave of short liquidations.

Over just 4 hours, total short liquidations spiked from $105K to $359K (24H SMA). Last week’s negative funding rates had pointed to rising short appetite, and today, those bets got squeezed.

Also Read: MicroStrategy buys, 1,045 BTC worth $110 million

massive liquidations for short positions have applied demand for the crypto thus resulting to reversal impact. When traders starts taking a lot of long positions, they buy BTC thus creating organic demand.

This demand makes prices increase rising liquidation for those shorts. To avoid liquidation, they buy more to cover their positions leading to a short squeeze.

Significant Bitcoin transactions recorded, with 1,000 BTC moved to Kraken from a single address 38 minutes ago, totaling $107 million. Another large inflow of 997 BTC occurred 9 hours earlier.

Besides massive short liquidations, Bitcoin whales have entered the market helping push prices higher. According to Lookonchain, two whales have purchased a significant amount of BTC. The first whale bought 1,997 $BTC worth $212.78 Million from Kraken.

Another whale withdrew another 700 $BTC worth $75.39 million from Binance and currently holds 1,900 $BTC worth $204 million. In total, whales have bought 4.66k BTC over the past day.

The demand from whales and short squeeze companied have strengthened upward momentum pushing BTC above consolidation. These conditions sets the crypto for more gains in the market.

What to Expect Next?

Bitcoin price chart from TradingView, showing a recent upward trend with a closing price of 108,461 USD. Indicators display the Relative Strength Index (RSI) at 60.20, suggesting a slightly bullish momentum. The Stochastic RSI is at 57.32, pointing towards continued potential upward movement in the market.

After market heated up from whale demand and short squeeze, resistance broke, and Bitcoin rallied to a high of $108,561 reaching a 2 weeks high.

With BTC breaking out of $107k resistance, the next significant resistance value is around $110k.

From the current levels, BTC will move towards $109k and hit $110. A breach above here we could see Bitcoin hit a new all time high of $115k.