Bitcoin Goes Straight to 8-Month High at Above $6,900, Whales Waiting for “Payday”


  • BTC Up 112% from Dec 2018 lows
  • A rally driven by whales on the back of shorts suffering
  • Weekly Close above $6,400 bullish, says trader Josh Rager

Bitcoin is having one hell of a time right now.

The leading cryptocurrency has been enjoying a rally since early February when it was trading at around $3,400. However, it really gets into motion in April when BTC surged from $4,000 to past $5,000.

Now, the greens seen in the month of May has taken everyone by surprise as from roughly around $5,100, the flagship cryptocurrency first surpassed $6,000 the day before yesterday. Now, today, Bitcoin's price value climbed another high point of 2019 at $6,964 on Bitstamp which was the last hit in early September.

Currently, Bitcoin is trading at $6,732 with 24-hours gains of more than 6 percent.

BTC/USD chart, Source: TradingView

Till date Bitcoin has surged 83 percent in 2019 while since its low at around $3,150 in December 2018, BTC has recovered a whopping 112 percent.

Key Area of Interest

There have been lots of experts focused on the most traded price of 2018 $6,400, expecting it to show resistance. However, Bitcoin didn’t care what everyone has been waiting for, it simply shot up breaking residences each one after the other.

According to the crypto trader and investor Josh Rager, the weekly close above the $6,400 level will be bullish for Bitcoin.

“BTC has pushed its way to a key area of liquidity (interest). A weekly close about this area marked via box would certainly be bullish. Will watch weekly close, if fails to close above here this week or next week then I'd suspect a decent pullback. Not bullish on buying alts yet.”

As Bitcoin keep on its bullish rally, the targets set are also changing as crypto trader Credible Cryptos says in the coming months he sees BTC going to just above $7,000 region and a possible “major retest region” to about $4,600 that he says is also the best buy the dip opportunity.

However, he further cautions for this predicted movement to be valid, if he doesn’t see sub $5,000 on the next pullback and If we do lose 5k, the implications would be extremely bearish.

Waiting for the Squeeze to Complete

While the price keeps on surging, BTCUSD shorts chart has also been rising until May 9th when Bitcoin broke above $6k. This was when shorts started taking a dip.

Recently, we shared how crypto analyst Willy Woo shared that there is more potential for another upside because all the Bitfinex shorts haven’t squeezed yet. Now, in his new Twitter thread Woo shares the mechanics of short squeeze detailing “When the market is majority short, there's too much money to be had to allow them to win.”

During this, he says whales keep buying up the market until the shorts get liquidated and once that happens, the short seller has to buy back at the market price.

“A tidal wave of buys cascade through the orderbooks, a chain reaction, the price goes vertical,” explains Woo further stating here comes whale payday that after “shepherding” the price up, now dumps their positions at profit.

“All this happens without any on-chain activity. As it's an exchange driven game, no real investors are buying into the rally.”

With this blow-off, the price comes down to its organic levels.

Bitcoin’s price is $47,481.78 BTC/USD exchange rate today. The real-time BTC market cap of $885.2 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $14.44 Billion and live coin value change of BTC -2.59 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$47,481.7847 change ~ -2.59%

Coin Market Cap

$885.2 Billion

24 Hour Volume

$14.44 Billion

24 Hour VWAP

$48.83 K

24 Hour Change

$-1,228.07

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