The most successful asset of the last 15 years is once again annihilating the doubters.
In the last hour, a total of $687.22 million in Bitcoin shorts have been liquidated, according to the crypto data aggregator CoinGlass.
The shorts have provided rocket fuel for a sudden move above $116,000.
BTC began the day at around $111,000, and is up 4.7% in the last 24 hours.
This week’s rally has placed BTC’s total value above tech giant Google, with only Amazon, Apple, Microsoft, Nvidia and Gold remaining in front.
The rally also once again places BTC closer in line with M2 global liquidity, which measures the total money supply, including cash, checking deposits and easily convertible near-money assets.
Although no one knows what’s next Bitcoin, macro analyst Martin Folb is sharing an updated map of BTC’s price against global liquidity.
He tells his 219,000 X followers that BTC has officially moved past a key accumulation zone.
“Wyckoff Accumulation is officially over. Distribution begins as price follows global liquidity to $125k on way to $160k. I will be posting the next Wyckoff Distrubition to reacculuation schematic in confirmation.”
Wyckoff Accumulation is a technical analysis pattern that strategically tracks an asset during an extended consolidation phase, using price and volume behaviors to identify when supply at lower prices is absorbed.
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Featured Image: Shutterstock/solarseven/Natalia Siiatovskaia