Bitcoin Surges 1.13% to $102,483, $279M in Positions Liquidated

Bitcoin’s price has surged past the $100,000 mark, leading to a significant shift in market sentiment. This surge has been driven by easing tensions in the U.S.-China trade situation, which has helped to boost investor confidence. As the price broke through this key level, many traders who had bet against Bitcoin took heavy losses. According to Coinglass, about $279 million in Bitcoin positions were liquidated in the past 24 hours, with $243.3 million of this liquidation coming from sellers and $35.7 million from buyers.

While open interest dropped 3.2% to $67.1 billion, trading volume continued to climb, indicating ongoing market activity. The $100K breakout also saw significant institutional interest, with spot Bitcoin ETFs seeing $142.3 million in net inflows. This shows strong institutional interest, with ARK’s ETF leading with $54 million, followed by Fidelity with $39 million and blackrock with $37 million. BlackRock also bought over 86 BTC worth $8.4 million in one transaction.

Data from IntoTheBlock shows that over 97% of Bitcoin holders are now in profit after BTC surged past the $100K mark. While this is a positive sign for long-term investors, it could also lead to selling pressure in the short term, as more holders may decide to cash in on their gains. At the same time, whales are adding to the market’s volatility. The volume of large transactions has risen sharply, climbing from $68.45 billion to $72.67 billion, indicating increased activity among big players.

More notably, the large holder netflow to exchange ratio has jumped to 0.17%, meaning these big investors are moving more Bitcoin onto exchanges. This kind of behavior often signals that whales are preparing to sell as the BTC price surges, which can lead to short-term price drops or market swings if selling volume spikes. Bitcoin is aggressively maintaining its buying demand above the EMA20 trend line, showing that traders are still confident and willing to buy when the price dips. However, sellers have put up a minor resistance at $104,360. As of writing, BTC price trades at $102,483, surging over 1.13% in the last 24 hours.

There’s some minor resistance around $104K, but if Bitcoin breaks through that, it could head toward the key $109,500 level. This is a big psychological barrier, and sellers will likely try hard to stop the price from going higher. If Bitcoin does manage to push past $110K, it could make a new all-time high. However, bears are running out of time. To regain control, they need to push the price below the 20-day moving average and keep it there. If that happens, Bitcoin could fall further to around $93,500, near the 50-day moving average.