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Home»Bitcoin»Why Bitcoin’s Rally to $52,000 Isn’t Impossible
Bitcoin

Why Bitcoin’s Rally to $52,000 Isn’t Impossible

2024-02-12No Comments3 Mins Read
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Journalist

Posted: February 12, 2024


  • Bitcoin exchange reserves showed a curious lack of trend.
  • The liquidation heatmap suggested that BTC prices could move higher.

Bitcoin [BTC] managed to break past two-month highs again on February 10. This was not the bulls’ first attempt in the past six weeks to break the $47,000 resistance barrier.

On January 11, BTC rose to $49k, but closed the day’s trading at $46.3k, which was within the range. This meant a rejection. This time, prices could be attracted by liquidity above $50,000.

Investigating Bitcoin’s Foreign Exchange Reserves

AMBCrypto analyzed CryptoQuant’s exchange reserve metric to see if holders were accumulating more Bitcoin. A recent AMBCrypto report noted that Bitcoin supply on exchanges fell lower.

A drop in this metric would indicate more BTC leaving centralized exchanges and heading into the private wallets of BTC HODLers. More information about the profits from the Bitcoin you own can be found here.


Bitcoin Exchange Reserve

Source: CryptoQuantBitcoin Exchange Reserve

Last month’s CryptoQuant data showed that the metric has also formed a range since early December.

Previously, from August to the end of November, the metric showed a downward trend and Bitcoin rose from $29.2k to $43k (albeit with a drop to $25.2k in mid-September).

Thus, the lack of a steady downtrend was a sign that BTC holders were not convinced of another rally of the magnitude of the September-November one.

Futures data could shed more light on speculator sentiment

AMBCrypto analyzed the short liquidations on CryptoQuant in addition to the exchange reserve. The graph shows the number of short positions liquidated on the derivatives market, expressed in Bitcoin.


Bitcoin short liquidations

Source: CryptoQuantBitcoin short liquidations

The data showed that the number of short liquidations that occurred during the recent outbreak was high, but not close to early December or the January 9 peak.

See also  Bitcoin's accumulation on exchanges may not be a bullish sign, analyst warns

Although prices were higher than in the January attempt, the liquidated short positions were not.

This indicated more bullish sentiment in the market than before. Fewer participants were liquidated by betting on a reversal near the $46k region.

The liquidation heatmap could illuminate where Bitcoin prices could head next.


Bitcoin liquidation heatmap

Source: HyblokBitcoin liquidation heat map

AMBCrypto’s analysis of the Hyblock Liquidation Heatmap highlighted that the $50,000 psychological level involved an estimated short liquidations of $16 billion.

Above that, the $51.2k and $52.2k had an estimated liquidation level of $31 billion and $27 billion.


Read Bitcoin’s [BTC] Price forecast 2024-25


Therefore, a further rally towards the $52,000 mark can be expected. The presence of liquidity in the north meant that prices would gravitate there ahead of a potential reversal.

In the South, the recent bullish trend meant that the $38.2k level was the nearest southern area of ​​interest with a similar number of liquidations.

Next: Unlock 100% APY: Harambe AI Token Presale Opened!

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