With a rise of more than 8% during yesterday, Bitcoin recorded one of the best days of 2024 and was driven by strong liquidations in the futures market.
During the day, around US$259 million in sales contracts were liquidated, which ended up generating significant cash buying pressure.
Furthermore, this was the largest short contract liquidation event since 2022 and marks a structural change in Bitcoin pricing.
Events like this have the ability to directly influence the price, but they originate in the spot market with the intense accumulation of the last few days.
This process of institutional accumulation was being tracked in our analysis and has started to impact the price now.
Retail investors are expected to add more buying pressure on “FOMO”, but short-term corrections may emerge.
Written by caueconomy