- Bitcoin surged by 7.4% in just 12 hours.
- Whale activity indicates a bullish rally.
Bitcoin [BTC] just pulled a fast one by jumping 7.4% in the last 12 hours. This sudden move has everyone asking if this is the start of something bigger?
Bitcoin whales watching at $57K
AMBCrypto’s analysis of Coinglass data shows the big players are circling around $57,100. When whales make moves, the market tends to notice. This price point could be where the next big push or pullback happens.
The concentration of whale activity at this level is crucial. It suggests a potential accumulation zone or a level where large holders might be looking to offload. Either way, it is a price point that demands attention.
Source: Coinglass
Big money versus small fry
The whale-to-retail ratio is sitting at 49.15, according to Hyblock data. This means the retail traders are slightly outweighing the whales right now.
This is a pretty even split, which could lead to some interesting tug-of-war action between whales and retail investors.
This near-equilibrium state often precedes significant market moves. If retail traders start piling in or whales make a coordinated move, we could see a sharp break in either direction.
Source: Hyblock
Longs/Shorts bullish lean
AMBCrypto’s further analysis of the Coinglass data shows the long/short ratio is actually bullish. Despite some imbalance in the market, more investors are positive about further price increases.
This correlation with the recent price jump could fuel further upward momentum.
The bullish long/short ratio suggests growing confidence among traders. It indicates that many are positioning themselves for continued upward outlook, which could become a self-fulfilling prediction if enough buyers step in.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
Bitcoin’s next move?
Bitcoin’s price jump is turning heads, which is positively correlated with whale buy orders. Whales are active, yet many traders remain skeptical. This clash could lead to some wild price swings.
Investors should keep an eye on the $57k level. If Bitcoin breaks through, we might see another leg up.