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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Are Bitcoin And Crypto Up Today? You Need To Know This

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Bitcoin and crypto why up

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Bitcoin investors are currently experiencing a déjà vu. As has happened several times in the past, the recent Tether FUD has once again marked the local bottom for the BTC price. At the same time, euphoria and greed have returned to the market. And there are several good reasons for this.

BlackRock has applied for a spot ETF and has an insane track record, Fidelity, Citadel & Schwab are launching a crypto exchange, Invesco and WisdomTree have both renewed their Bitcoin ETF applications and Germany’s largest asset manager Deutsche Bank has applied for a crypto custody license. Big money is definitely making its way into the crypto market after the hard crackdown aka Operation Choke Point 2.0 in the US to grab the largest piece of the pie possible.

What Triggered The Bitcoin And Crypto Price Spike?

One of the driving factors behind the price rise in the crypto market is undoubtedly the bullish news surrounding Bitcoin and the potential wave of new institutional investors. Bitcoin is once again setting the trend for the broader crypto market, which can also be seen in the fact that Bitcoin dominance, the share of BTC’s market capitalization in the entire crypto market, continues to rise.

The metric rose to its highest level since mid-April 2021 today and currently stands at 51.08%. Yet, the Bitcoin rally has also breathed new life into several altcoins. Among others, FLOW, CFX and BCH are up 22% in the last 24 hours, followed by STX with 18%, OP with 17% and INJ with 15%. ETH is up 4.8%.

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However, it is important to note that the current price rally is not mainly due to speculation by futures traders. As we reported yesterday, in recent weeks BTC whales with assets of 1,000 to 10,000 BTC have accumulated a total of 131,6000 BTC worth around $3.5 billion from the spot market. And this trend continues. CryptoQuant CEO Ki Young-Ju wrote via Twitter:

This is not a short squeeze, but someone(s) is just buying $BTC a lot.

I repeat.

This is not a short squeeze, but someone(s) is just buying $BTC a lot.

The analyst is referring to the hourly short squeeze ratio indicator. As the chart below shows, the metric has remained relatively flat compared to previous price spikes, indicating that there is more upside potential if short positions are squeezed (once again).

Bitcoin Short Squeeze Ratio
Bitcoin Short Squeeze Ratio | Source: Twitter @ki_young_ju

This also implies that the spot market had a major influence on the movement. In general, the rise can therefore be seen as more sustainable.

Nevertheless, it should be noted that there was a certain degree of short squeeze. Coinglass data shows that about $44 millions in shorts were liquidated. The level is similar to that seen on May 28 this year, when $44 million in BTC shorts were liquidated and the Bitcoin price rose by 4.4%.

BTC short liquidations
BTC short liquidations | Source: Coinglass

Vetle Lunde, senior analyst at K33 Research, also made another bullish observation regarding the CME futures. “Very bullish action on the CME,” says Lunde, who explained that CME’s basis pushed to yearly highs after seeing the largest relative daily growth in OI since November 9, 2022. “Allocations to the futures ETFs did not cause the growth, as the active market participation share increased from 42% to 51% yesterday,” remarked the analyst.

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At press time, Bitcoin was displaying an extremely bullish price action. BTC bounced off the 200-day EMA and broke through the downward trend that persisted since mid-April this year.

Bitcoin price
Bitcoin price breaks the downtrend, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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