BitcoinBTCThe price of a, which is the smallest denomination, rose to $69 482 on Friday. This rally was accompanied by data that showed steady accumulation in February from smaller holders.
Analysts believe that the breakout could evolve into a bullish trend. However, other data indicates that the bullish trend will be based on a period of consolidation in price.
Takeaways from the conference:
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BTC exceeded the resistance of $69,000 and its downward channel. This triggered $92 millions in short-term liquidations, all within a four hour period.
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The whale wallets were unable to add any money in February. They lost $4.5 Billion.
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The short-term holding profit ratio indicator has fallen to its lowest point since November 2022. This shows the deterioration of sentiment in recent weeks.
Can the Bitcoin rally continue?
Bitcoin has moved above the upper border of its ascending channel, and it retested at $69,000. If BTC remains above $68,000, the move could signal a bullish breakdown of structure.
If BTC maintains above this level of reclaimed liquidity, the next zones for internal liquidity are located near $71,500 or $74,000. On the hourly chart, the 50- and the 100-period moving averages are compressing under the price. This reinforces the likelihood that the momentum will continue.
Recent price increases triggered About $96 million worth of futures have been liquidated in the last four hours. Nearly $92 millions came from short positions. This signals a squeeze on short-term traders.
BTC liquidations were concentrated primarily on Bybit (22.5%), Hyperliquid (20%), and Gate (15%), suggesting that these platforms represent a large share of the active leveraged position in the market.
Related: Multi-day negative Bitcoin funding signals ‘overcrowded’ short trade: Reversal coming?
BTC demand from retail investors backs up the breakout
Smaller investors have been buying steadily to support the breakout. Order data from Hyblock shows that the small wallets ($0–$10,000) have accumulated about $613 million in cumulative volume delta (CVD) in February, consistently bidding during the price correction.
The mid-sized wallets ($10,000–$100,000) remain about -$216 million for the month, but the cohort added about $300 million since BTC fell below $60,000, suggesting selective accumulation during discounted periods.
In February, whale wallets with a value of $100,000 and more saw the CVD drop to a level near -5.8 billion dollars. They have been moving sideways since then. This stabilization suggests that the distribution of large amounts has stopped, but a trend towards accumulation has not yet emerged.
If the rally is to continue, the whale buyers and short-term holders may have to come back. spent output profit ratio (SOPR) The indicator may have to be moved back up above 1 in order to signal that recent sellers are not selling their products at a loss.
Short-term Holder SOPR has recently fallen to its lowest point since November 2022. It indicates that some recent buyers realized losses.
Related: Bitcoin passes $69K on slower US CPI print, but Fed rate-cut odds stay low
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Source: cointelegraph.com
