Crypto news

Bitcoin’s Blistering Bonanza: Bears Left in the Dust!

BBG News

A Few Tasty Morsels to Digest:

  • Bitcoin has been on a rip-roaring adventure, smashing all-time highs and leaving a trail of liquidated shorts in its wake – a cool $1 billion, if you please! 🤑
  • The clever chaps at the helm predict that prices may trek further upwards to a dizzying $130k before the profit-takers swoop in. 📈
  • But, of course, this is all a bit of a high-wire act – one macroeconomic shock, and the whole shebang could come crashing down! 😱

 

The crypto market is ablaze once again, old chap, and this time it’s the bears who are feeling the heat – rather like a fellow who’s just spilled soup all over his shirt at a fancy dinner party! 😂

A whopping $1 billion worth of short positions went up in smoke in just 24 hours as Bitcoin surged past multiple all-time highs, triggering a massive short squeeze that’s now sending ripples through the market like a particularly vigorous game of whack-a-mole! 🎉

Now, let’s take a gander at what happened, what’s driving this rally, and where Bitcoin might be headed next – with any luck, it won’t be a trip to the poorhouse! 🤞

Shorts Get Crushed as Bitcoin Rockets Past $116K

The market recently recorded one of the largest liquidation events this year, where roughly $1.01 billion in crypto short positions were liquidated as Bitcoin and Ethereum prices exploded like a pair of over-enthusiastic party poppers! 🎊

According to data from CoinGlass, over 232,000 traders were affected by the surge – rather like a bunch of fellows who’ve just been caught in a sudden downpour without their brollies! ⛈️

To put it simply, traders who bet on the market going down were caught off-guard, while long positions barely flinched, with only about $20 million liquidated during the same time – a mere drop in the ocean, if you will! 🌟

Bitcoin, in particular, recorded two back-to-back record highs and climbed from $112,000 on Wednesday to $116,500 on Thursday – a bit of a thrilling rollercoaster ride, if you ask me! 🎠

Will Bitcoin Keep Climbing?

Earlier in the week, not everyone was convinced that Bitcoin could break its previous highs – a bit like a fellow who’s just been told he’s got to eat his veggies! 🥗

Bitfinex analysts initially showed concern over Bitcoin’s “lack of follow-through strength” – rather like a chap who’s just realized he’s left his wallet at home! 😳

However, not all analysts were hesitant – Michaël van de Poppe, founder of MN Trading Capital, was one of the first to predict a breakout to new all-time highs by early July, the clever chap! 🤓

The inevitable breakout to an ATH on might even happen during the upcoming week.

Such a bullish setup.

— Michaël van de Poppe (@CryptoMichNL)

He turned out to be right, as the market is now almost completely green – a bit like a lovely spring morning, if you will! 🌞

All Eyes on $130K

Market analysts believe Bitcoin still has room to run before a major pullback – a bit like a fellow who’s just realized he’s got a few more laps to go around the track! 🏃‍♂️

These addresses now hold over 248,000 BTC, up 71% from just a few weeks ago – a bit of a tidy sum, if you ask me! 💸

A jump of $4.4 billion in Bitcoin’s realized cap has also confirmed that real capital is flowing into the asset – rather like a chap who’s just received a nice big paycheck! 🤑

Even more telling is the Market Value to Realized Value (MVRV) ratio, which, according to Axel Adler Jr., is yet to hit the 2.75 sell-off zone – a bit like a fellow who’s just realized he’s got a bit more time to enjoy the party before the music stops! 🎶

What Could Derail the Bitcoin Rally?

Even with the bulls in control, it’s essential to consider the risks – a bit like a chap who’s just realized he’s got to keep an eye on his wallet in a crowded market! 👀

This means that any sudden macroeconomic shock, regulatory development, or unexpected market downturn could trigger another round of liquidations – a bit like a fellow who’s just been caught in a sudden storm without his umbrella! ⛈️

Overall, the past 24 hours have reminded the market just how quickly sentiment can shift – a bit like a chap who’s just realized he’s got to be prepared for anything in the wild world of crypto! 🌪️

Read More

2025-07-11 18:40

Previous post Kim Kardashian dons late Hollywood icon and jewel fanatic Elizabeth Taylor’s £270k diamond earrings on the runway – adding fire to morbid claims she is ‘obsessed with the dead’
Next post Oregon’s Crypto U-Turn: Why Coinbase is Taking the State to Court