Bitcoin has recently reclaimed the $105K level after a significant drop from above $110K. This movement reflects a shift in whale shorting activity, as data from the analytics platform Alphractal indicates that major players have stopped betting against Bitcoin. "Whales have stopped shorting! Bitcoin might see some relief from here and start the week on a positive note," Alphractal noted.
A recent short-squeeze resulted in around $33 million worth of BTC positions being liquidated, with $23 million of these being shorts. This price recovery comes as the market braces for key macroeconomic updates, including U.S. labor data expected on June 6. Institutional investor sentiment has been cautious, highlighted by $917 million in outflows from U.S. Spot Bitcoin ETFs last week.
Analysts remain divided on where Bitcoin is headed next. Trader Cryp Nuevo anticipates a dip to $100K before targeting higher levels around $113K, while another trader, Daan Crypto Trades, suggests a potential drop to $98K before a rebound, pointing to significant liquidity pools at these levels. ${
Justin Bennett comments that fewer bearish positions among whales could be a favorable sign, but emphasizes that liquidity hunts around $100K may still occur as traders react to upcoming economic news. Thus, while whale shorting has decreased, the upcoming data may lead to further volatility in Bitcoin's price.
A recent short-squeeze resulted in around $33 million worth of BTC positions being liquidated, with $23 million of these being shorts. This price recovery comes as the market braces for key macroeconomic updates, including U.S. labor data expected on June 6. Institutional investor sentiment has been cautious, highlighted by $917 million in outflows from U.S. Spot Bitcoin ETFs last week.
Analysts remain divided on where Bitcoin is headed next. Trader Cryp Nuevo anticipates a dip to $100K before targeting higher levels around $113K, while another trader, Daan Crypto Trades, suggests a potential drop to $98K before a rebound, pointing to significant liquidity pools at these levels. ${
Justin Bennett comments that fewer bearish positions among whales could be a favorable sign, but emphasizes that liquidity hunts around $100K may still occur as traders react to upcoming economic news. Thus, while whale shorting has decreased, the upcoming data may lead to further volatility in Bitcoin's price.
