The bitcoin market (quotation BTC) posted its highest revenue since March 2020 on Thursday, as the price found support at $ 25.000 before bouncing above $ 28.000. Additionally, BTC settlements in the past 24 hours have hit $ 2,2 billion, according to data from CoinGlass.
The increase in sales over the past few days is reflected in BTC stocks on exchanges, which have increased, as seen in the chart below. They climbed from a low of 2,4 million BTC on April 22 to 2,51 million BTC on Tuesday 10 May, according to data from CryptoQuant. In total, more than 37.000 BTC entered the exchanges during that period, amounting to US $ 1,443 million.
Another aspect of inflows can be seen in the following chart. The volume of BTC transfers from whales to exchanges is the highest since March 2020.
BTC settlements are growing
As the price falls, settlements begin to rise amid the panic that has gripped the market. The chart below shows the liquidations of the last 24 hours, dominated by short positions. These are traders who bet on falling prices, while long positions are held in anticipation of a price increase.
Settlements have increased by more than 150% in the past 24 hours. As a result of the capitulations, they amount to $ 2,242 billion, with a predominance of short positions.
This means that, in the midst of the price slump, traders are betting more on a decline to levels below $ 25.000, which is Thursday's low. The subsequent price rally, however, led to the liquidation of the bearish positions.
After reaching the support level at $ 30.000, the BTC price continued to follow a predominantly bearish trend. In an analysis published by this news outlet on Thursday 12, the collapse of the Moon and Earth USD is indicated as one of the causes of the retreat in the price of BTC and the cryptocurrency market as a whole.
On the other hand, the global geopolitical situation is also holding back the momentum of the market, mainly due to the prospect of future measures by the Fed to try to contain inflation. After floating around $ 40.000 for a week, the price of bitcoin lost this support at the end of April and dropped further in the wake of the Fed's interest rate hike in early May.