In the afternoon of May 13 , the price of Bitcoin ($BTC ) unexpectedly surged from $60,800 to $62,700 in just 3 hours.
Specifically, #BTC🔥🔥🔥🔥🔥 has increased by about 3% in just a few hours, with hourly candlestick clusters (H1) showing a strong upward momentum according to the Marubozu pattern (full-force green candlesticks, closing at the highest point).

So what could be the reason behind BTC's sudden surge like this in a context where there isn't any particularly significant news?
Firstly, let's rewind to May 10, when the price of BTC unexpectedly dropped from $63,000 to around $60,000, a nearly 5% decline in just a few hours.
What's noteworthy here is that BTC's drop also occurred in a period of news scarcity, as macroeconomic data had already been factored into BTC's price beforehand.
According to on-chain data, a plausible reason to explain this event is the decrease in Bitcoin Futures open interest on the CME exchange by up to $250 million in just one hour, from $8.53 billion to $8.28 billion.
This suggests that certain whales may have reduced their long positions intentionally, causing the sudden drop in BTC price to accumulate more BTC at a better price.
As of today (May 13), it seems these whales have reinstated their long positions. Specifically, the Open Interest of Bitcoin contracts on the CME exchange has increased by around $200 million from $8.12 billion to $8.32 billion.

Fundamentally, the price of BTC has once again approached the $63,000 mark established three days ago.
The recent fluctuations in BTC may have been aimed at 'killing long shorts.' After many long positions suffered heavy losses on May 10, it was the turn of short positions to face an unexpected turn of events on May 13.
Specifically, in the past 24 hours, we've witnessed $158 million worth of Futures orders being liquidated on the market. A significant portion of this, $101 million, was from long orders, but primarily from #Altcoins👀🚀 .
Meanwhile, Bitcoin Futures contracts have seen $23.3 million worth of short orders being liquidated, doubling the $10.3 million worth of long orders in the past 24 hours.

Recently, BTC has garnered attention from various organizations and individuals, somewhat reflecting the increasing acceptance of BTC.
On May 9, Jack Dorsey (co-founder of Twitter) told Mike Solana that he believes the price of Bitcoin could reach at least $1 million by 2030, and potentially even higher.
On May 11, JP Morgan and Wells Fargo, two financial giants, were the latest to disclose that they hold shares of the #BTCETFSPOT ETF in the United States.

The price of $BTC has experienced a significant decline from April 30th to May 1st, dropping by approximately 11.5% from $64,700 to $57,000.
Top cryptocurrencies like $SOL and #AVAX✅ have seen a 6% decline since the week began. $DOGE has dropped by 14% in just three days, triggering a downturn in other meme coins such as BONK, WIF, #SHİB , among others.
Yet, experts see signs suggesting BTC might be approaching a bottom, such as reduced worries about the FOMC meeting and the traditional financial markets' rebound.
Let's take a look at the signs indicating that the price of BTC may be bottoming out:
📍FOMC minutes released as predicted
Around 1 AM on May 2nd, the Federal Reserve (FED) decided to maintain the interest rate at 5.25%. A positive signal came from FED Chairman Jerome Powell, who indicated that there would be no possibility of raising interest rates in case of a high return of inflation.
Before this event, #BTC had a bearish trend, breaking the $60,000 support level established over two months. April closed with BTC dropping by 14.88%, its steepest decline since November 2022.
BTC now trades near $57,588, down 5% since May 1st. The recent decline is linked to US stagflation concerns following slowed growth (GDP dropped from 3.4% to 1.6%) and persistent inflation (PCE rose for two consecutive months), dampening hopes of a Fed rate cut.
However, Fed Chairman Powell stated that he hasn't seen any signs of stagflation. This signal helped BTC to recover to around $59,500 in the early morning of May 2nd

📍Traditional financial markets rebound
Following the latest signals from the FOMC minutes, the US stock markets have seen a widespread return to green. The Dow Jones index rose by 0.4%, while the S&P 500 increased by 1.02% and the Nasdaq Composite surged by 2.03%.
This growth has contributed to reversing the downward trend of financial markets in recent days. Bitcoin is not the only asset facing declines, as deteriorating macroeconomic conditions have made investors more cautious about risks.
The Russell 2000 index, monitoring medium and small-cap US-listed firms, fell 8.2% in the last 30 days, wiping out the previous two months' gains. Likewise, WTI oil prices declined by 8.3% since April 5th, when they reached $87.91 per barrel.
On May 1st, a record $560 million exited Spot BTC #ETFs funds, and BlackRock's IBIT fund saw its first negative session since inception. This suggests that BTC's price may have already factored in some of the worst news.
An encouraging signal for the potential end of Bitcoin's price correction comes from traditional markets, buoyed by robust Q1 earnings reports from major companies like Amazon, Microsoft, Google, Netflix, Samsung, Coca-Cola, Morgan Stanley, Citigroup, HSBC, and Barclays.
The stock market recovery may refocus investor attention on risk assets like Bitcoin.