Anonymous whales closes his massive short order moments before Bitcoin price spiked above $43,000
An anonymous whale that previously opened a big bet against the crypto market by shorting Bitcoin suddenly closed its massive position even after a minor move in the first cryptocurrency, according to TradingView.
Major relief
Almost immediately after the closing of the large short position, the market faced a massive price spike to more than $43,000. Some users suggested that the massive short was removed with the help of insider information about market movements.
Following the close of the short, the bears saw an increase in liquidation volume, with the volume of force-closed positions reaching $75 million in the past four hours, showing that most investors are not shy. did not expect such a significant price increase in a few hours.
While bullish tendencies prevail on the market, the swift run to $43,500 failed, and the first cryptocurrency already retraced to $42,200. But while the selling pressure spiked after the price reached $43,000, we may still see price action similar to March 18.
State of bitcoin in the market
According to the daily Bitcoin chart provided by TradingView, the first cryptocurrency remains in the ascending trading range for more than a month, indicating that the market is still consolidating.
Previously, on-chain analyst Willy Woo noted that the nature of Bitcoin cycles has changed, and now it does not follow the regular halving cycles. In the conditions of the modern cryptocurrency market, we might expect the global change of market trends in a matter of months in contrast to four-year cycles the market was facing before.
At press time, Bitcoin is trading at $42,354 with a price increase of 3.1% in the last 24 hours.
