The trendsetter cryptocurrency has proven its naysayers wrong, with its most recent bullish surge resulting in over $40 million in short position liquidations.
Now that Bitcoin has surpassed the $57,000 barrier, fresh all-time highs look to be on the way.
The leading cryptocurrency’s market value has increased by over 4% in the last few hours as it seeks to reach new all-time highs, and it is presently trading at $57,367.
It breached $57,000 for the first time in five months early Monday and is now down 14% from its top of $64,800.
According to on-chain statistics, the positive price movement is being backed by purchasing pressure on the spot markets.
According to the behavior analytics platform Santiment, whales contribute to rising asset values by amassing enormous amounts of the asset.
Since the beginning of the month, addresses holding 100 to 1,000 BTC have acquired almost 60,000 BTC worth about $3.4 billion.
During the same period, more than 20,000 BTC were taken from recognized bitcoin exchange wallets.
These market forces’ dynamics point to a decrease in selling pressure. Nonetheless, Bitcoin has a significant challenge before reaching new highs.
According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, over 1.12 million addresses previously acquired about 417,000 BTC at an average price of $57,900.
As the IOMAP shows no additional obstacles ahead, a daily candlestick close above this resistance wall might open the door for fresh all-time highs.
It is important to note that Bitcoin must remain above the $54,900 support level to prevent more losses.
Slicing across this high-interest sector may entice investors to sell their BTC to keep their investments from going “out of the money.” In this case, a drop to $50,000 may occur before Bitcoin starts its upward trajectory.