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Bitcoin rises 4% amid long liquidations, and short-term holders realized share

 

  • Bitcoin rose above $63K following a bounce off the $59K level.
  • The recent decline in Bitcoin between Wednesday and Thursday led to long liquidations of $290 million.
  • Short-term holders realized share have declined over the last three months.

Bitcoin (BTC) climbed above $63,000 on Friday after Mt Gox pushed its repayment plans to 2025, easing tension among investors. Meanwhile, CryptoQuant data reveals that Bitcoin long liquidations hit $290 million on Thursday, the highest level since 2022.

Top Bitcoin moves ahead of weekend

  • Bitcoin declined early on Friday following speculations that a second rate cut may be unnecessary. As fears stormed the market, prices fell below $60K. Prices only began to recover after Mt Gox postponed its repayment plans to 2025.
     
  • Bitcoin experienced an 11% drop between October 1 and October 11, resulting in heavy liquidations among long position holders. CryptoQuant data indicates that the long liquidations between Wednesday and Thursday stood at $290 million. This also represents the highest amount of BTC long liquidations since June 2022.BTC Long Liquidation
    BTC Long Liquidation
     
  • Bitcoin has traded sideways for nearly 200 days since the halving event in April. Ki Young Ju, CEO of CryptoQuant, suggests that if Bitcoin fails to trigger a bull market within 14 days, it will be the longest sideways post-halving in BTC's history.
     
  • Likewise, according to long-term trader Peter Brandt, Bitcoin has traded below its all-time high of $72K for 30 weeks. Brandt suggests the top cryptocurrency could see a decline as it usually dives over 75% when it fails to establish a decisive new all-time high within this period.
  • The critical Bitcoin short-term holder (STH) level also hovers around $62K, which remains consistent with the past three months. However, CryptoQuant data revealed that Bitcoin's persistent sideways movement led to a decline in STH realized share within this period. This drop from 55% three months ago to 40% now indicates that short-term holders are more likely to react to price fluctuations in the future.
    BTC Short-Term Holders Realized Price
    BTC Short-Term Holders Realized Price
     
  • However, CryptoQuant analysts still suggest that the bull cycle is still in progress. The current market movement mirrors the 2013 and 2020 cycles, during which long-term investors realized profits twice while prices hit new highs.

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