Bitcoin (BTC) continued its stunning comeback on January 14 as $21,000 appeared for the first time since early November.
Bitcoin cracks a major trend line for the first time since $69K
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit a high of $21,247 on Bitstamp overnight.
The pair are facing huge suspicions after they started to make a series of disappearances during the week, with analysts warning that a retreat could happen at any time.
However, only a few moments of consolidation accompanied the rise of Bitcoin, with weekly gains of almost 25%.
By doing so, BTC/USD took the realized price at $19,700, the all-time high of 2017, $20,000 and the 200-day moving average. The latter saw its first resistance/support challenge since October 2021, a month before Bitcoin’s latest all-time high.
“Like ETH, BTC is gaining momentum,” On-chain analytics source Material Indicator noted about Bitcoin starting to copy the strength of Ether (ETH) in short timeframes.
The Twitter post added that the price action “has pushed past critical resistance at the 200-Day Moving Average and 2017 Top (BTC) / 2018 Top (ETH).”
“Buckle up for volatility!” Material indicator complete.
“2 days to go but this weekly btc candle is solid AF breaching major trend lines and short term momentum is still strong,” popular trader Bluntz. summarized about the upcoming weekly chart cover.
Traders and analysts Rekt Capital went further, comparing the events since 2019 that started the entire Bitcoin bull market after the previous halved macro cycle in December 2018.
“Today’s BTC Weekly Candle is very similar to the Weekly Candle from April 2019 confirming the new BTC Bull Market,” he said. comments along with the chart.
Bitcoin’s short liquidation set an 18-month record
In the middle of the current rare rise, Bitcoin released a serious pain for bears, liquidating hundreds of millions of dollars in short positions.
Related: Bitcoin gained 300% in the year before the last half – Will 2023 be different?
According to Coinglass, this amounts to about $125 million for January 14 alone, with the period from January 11 and bringing almost $300 million short liquidation.
Including altcoins, the liquidation was almost $775 million for the same three-day period.
Commenting on short-term liquidation, Dylan LeClair, senior analyst at UTXO Management, noted that it reached the highest daily level since mid-2021.
“July 2021 saw Binance denominate USDT futures to BTC very short and pay an arm & a leg to do so,” he explained.
“USD-denominated shorts becoming liq’d is the opposite effect of crypto-denominated longs unwinding. 30k summer bottom set for fresh FTX raise.”
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