The long-awaited recovery, expected to push Bitcoin to a new all-time high, happened almost exactly as analysts’ predicted. The leading cryptocurrency would hit a new all-time high of $61,800 after bulls regained momentum earlier this week and set out to break previous resistance turned support at $50,000.
The upsurge was still highly speculated as whale dumps were still dominating trading activities, while retail traders became an easy catch –as they were constantly selling at every dip.
Meanwhile, Bitcoin shorters are getting drowned as the bulls take over. Liquidation metrics show that $344.4 million worth of Bitcoin shorts were liquidated just 4 hours before Bitcoin broke $60,000.
The upsurge to $60,000 as we reported a while back was imminent, largely because of institutional accumulation which had surpassed the metrics captured on the Bitcoin blockchain.
