After recovering from the aftermath of the $1 billion shorts liquidation in Bitcoin, traders have now been hit with increased activity on the Bitcoin network. The supply shortage narrative may still be at play; however, there is more stability than one would expect above $23,000. It may come as a shock to many, but network activity hasn’t dropped. In fact, it is climbing steadily to its 2017-levels, and that opens up the possibility of a newer ATH.
The previous week will possibly go down in history as the one with the most activity. There was a run-up of 22% in 1 week, the first such event since April 2019. Bitcoin’s price went from $20,000 to new ATH and despite corrections, it is back to trading above the $22,300-level. In fact, the price crossed its previous ATH, hit a few new highs, and then, a new ATH.
However, amidst the chaos, it is almost poetic that leveraged traders and whales have upped their risk profiles lately. Though $1 billion worth of positions got liquidated in two days, the price was still rallying towards a new ATH, with further price discovery on the shoulders of whales and institutions looking very likely.
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