- Bitcoin rose 7.4% in just 12 hours.
- Whale activity points to a bullish rally.
Bitcoin [BTC] has just made a rapid jump of 7.4% in the last 12 hours. This sudden move has everyone wondering if this is the start of something bigger?
Bitcoin whales eye $57K
AMBCrypto’s analysis of Coinglass data shows that the big players are circling around $57,100. When whales make moves, the market usually takes notice. This price level could be where the next big push or pullback will occur.
The concentration of whale activity at this level is crucial. It suggests a potential accumulation zone or a level where large holders may want to divest. Either way, it is a price point that requires attention.
Source: Coinglass
Big money vs small fish
The whale-to-retail ratio stands at 49.15, according to Hyblock data, meaning retail traders are currently slightly outweighing whales.
This is a fairly even split, which could lead to an interesting tug-of-war between whales and retail investors.
This near-equilibrium state often precedes significant market moves. If retail traders start to rush in or whales make a coordinated move, we can see a sharp break in either direction.
Source: Hyblock
Longs/Shorts bullish lean
AMBCrypto’s further analysis of Coinglass data shows that the long/short ratio is actually bullish. Despite some imbalance in the market, more investors are positive about further price increases.
This correlation with the recent price increase could fuel further upward movement.
The bullish long/short ratio suggests growing confidence among traders. It indicates that many are positioning themselves for a continued upside outlook, which could become a self-fulfilling prediction if enough buyers step in.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
What’s Next for Bitcoin?
Bitcoin’s price increase is attracting attention, which is positively correlated with whale buy orders. Whales are active, but many traders remain skeptical. This clash could lead to wild price swings.
Investors should keep an eye on the $57k mark. If Bitcoin breaks through, we might see another rally.