The asset that has seen the most success in the past 15 years is once again proving its critics wrong.
Over the last hour, a staggering $687.22 million in Bitcoin shorts have been liquidated, as reported by the crypto data aggregator CoinGlass.
These shorts have fueled a rapid surge above $116,000.
Bitcoin started the day around $111,000 and has risen by 4.7% in the past 24 hours.
This recent rally has pushed Bitcoin’s total value above tech behemoth Google, leaving only Amazon, Apple, Microsoft, Nvidia, and Gold ahead.
This rally also brings Bitcoin closer in line with M2 global liquidity, which measures the total money supply, including cash, checking deposits, and easily convertible near-money assets.
While the future of Bitcoin remains uncertain, macro analyst Martin Folb is sharing an updated chart of Bitcoin’s price in relation to global liquidity.
He informs his 219,000 followers that Bitcoin has officially surpassed a crucial accumulation zone.
“Wyckoff Accumulation is now complete. Distribution phase begins as price aligns with global liquidity towards $125k on its way to $160k. I will be sharing the next Wyckoff Distribution to reaccumulation schematic for confirmation.”
Wyckoff Accumulation is a technical analysis pattern that monitors an asset during a prolonged consolidation phase, using price and volume trends to identify when lower-priced supply is absorbed.
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Featured Image: Shutterstock/solarseven/Natalia Siiatovskaia
