BITCOIN PRICE SHOULD SEE ‘GLORIOUS’ GAINS AS UNLEVERAGED BUYING SHOOTS UP
As BTC/USD reached its highest levels in almost one month on Sunday, online commentators are grappling with a range of factors to determine the longevity of Bitcoin’s latest uptick.
As Bitcoinist reported today, a potential incoming sell-off from a dormant wallet with a giant balance of over 110,000 BTC ($800 million) has failed to shake market confidence — reversing trends seen during the Mt.Gox Bitcoin sells which began in November 2017.
Now, sources note, appetite for large Bitcoin trades over 100 BTC each has increased markedly.
“Fascinating that MASSIVE buying is at a local high while longs are decreasing,” trader CryptoRampage wrote on Twitter, adding that the cumulative effect of current trends would be a “glorious” short squeeze.