Bitcoin is trading above $47,000 for the first time in three months. Here are three possible reasons for it.
Not a few days later and the Bitcoin buys started rolling in. Terra has been buying in batches of $125 million, prompting some analysts to believe that there’s an incoming supply shock.Commenting on the above was popular cryptocurrency proponent, and industry commentator2.5-3k BTC per day of supply removed over a long period of time=huge impact. Those who are short have to cover higher at some point as supply itself dissipates. What is scarce, becomes more so.
In essence, what the analyst is talking about is the concept of a supply shock where the demand heavily outweighs the supply, essentially squeezing the price up.earlier today, Bitcoin’s volatility wiped over $410 million worth of liquidations in the past 24 hours, and about 80% of these were short positions.Bitcoin, as well as the entire cryptocurrency market by extension – remain largely correlated with Wall Street, as much as native proponents would like to detach.
Over the past five days, some of the largest indices in the US – including the S&P 500, Nasdaq, and the Dow Jones Industrial Average – are all trading in the green. What is more, tech companies like Tesla are also charting considerable gains. TSLA stock is up for the 9th consecutive day, increasing by a whopping 35% in the same period.This might mean that investors become more prone to the risk-on trade, and Bitcoin fits right into the definition.
All in all, it’s important to remain very careful as the price currently hovers around the yearly close, and last time it was unable to come through, although it came pretty close.
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