Bitcoin [BTC] has recently lifted the mood of the crypto market, breaking the $60,000 price barrier and moving closer to another key resistance level. This surge has helped some whales secure significant profits and liquidate many short positions.
Bitcoin whales make money
Bitcoin's daily chart analysis shows that it broke through a short-term resistance level on September 17. This resistance level, formed by the short-term moving average (yellow line), was surpassed as BTC rallied more than 3%, reaching around $60,300.
Bitcoin went through several consecutive rallies following this breakout, closing the last trading session at around $63,362.
Data from Santiment shows that this price increase has prompted some BTC whales to take profits. In the past 96 hours, these large holders have sold more than 30,000 BTC, worth about $1.86 billion.
Despite this significant sell-off, Bitcoin remains in an uptrend, as evidenced by the Relative Strength Index (RSI) remaining above 60.
Bitcoin MVRV Shows 5% Return
Short-term Bitcoin holders have been taking profits due to the recent price increase. Analysis of the 30-day Market Value to Realized Value (MVRV) ratio from Santiment shows that the ratio crossed zero on September 17 and is now approaching 5%.
This means that holders during this time frame are making an average return of nearly 5%, which is similar to the returns achieved by whales in recent days.
Short positions face increased liquidation
There has been a significant increase in short position liquidations since Bitcoin's uptrend began. Analysis from Coinglass shows that over $146 million worth of short positions were liquidated between September 17 and 21.
In contrast, long positions saw liquidations of around $63 million during the same period.
Additionally, the BTC funding rate has remained positive over the past few weeks, indicating that there are more buyers entering the market than sellers â a positive sign for Bitcoin. This trend could help Bitcoin absorb selling pressure from whales taking profits.
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