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馃敟馃敟馃敟馃敟馃敟 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馃憖馃殌 .
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.
