Bitcoin Derivatives Market Sees Long Position Liquidations and Whale Withdrawals
Bitcoin (BTC) is nearing its all-time high of $111,814, amidst signs of a reset in the derivatives market. The Binance Liquidation Delta indicates significant liquidations of long positions, often exceeding $40 million.
Market Dynamics
- The Binance Liquidation Delta shows a negative value, indicating more long positions are being closed, suggesting bearish pressure.
- Funding rates on Binance remain neutral, around zero, indicating cautious trader sentiment.
- Whale activity shows accumulation; notably, Bitfinex recorded the largest single-day BTC withdrawal since August 2019 with 20,000 BTC, valued at over $1.3 billion.
Analysts suggest that despite ongoing long liquidations and whale outflows, Bitcoin may be poised for an upward move towards a new ATH.
Price Projections
- BTC is currently trading 5.8% below its ATH.
- Technical indicators project a target of $112,000 following a bullish double bottom breakout.
- Coinbase recorded a withdrawal of 7,883 BTC, indicating potential institutional accumulation.
- Long-term holders are reducing exposure, potentially anticipating a price correction.
Currently, BTC trades at $105,308, up 1.4% in the past 24 hours.