Bitcoin Rockets Past $28,000 Again To Hit 6-Week High: What's Going On?

Bitcoin BTC has witnessed a surge, reaching its highest price in six weeks and catapulting above the $28,000 mark for the first time since Aug. 17.

What Happened: According to data provided by Santiment, an on-chain analytics platform, a significant accumulation of Bitcoin has transpired among 10,000 to 10,000 BTC wallets, totaling a substantial $1.17 billion since Sept. 1.

"A return to a $30K market value looks more and more likely unless these wallets now start dumping," Santiment said in a tweet on X.

The data further reveals that over 41,000 BTC have been amassed by major investors known as “sharks” and “whales” since the beginning of September.

“Sharks” are individuals or entities known for their ability to navigate the market with expertise and make strategic investments. They are experienced traders who often take advantage of market fluctuations and trends to maximize their profits.

On the other hand, “whales” are exceptionally wealthy individuals, organizations, or funds holding massive quantities of cryptocurrencies. These entities have the power to significantly impact the market due to the size of their holdings, as their buying or selling activities can influence prices and market sentiment.

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Why It Matters: Coinciding with this occurrence is the advent of “Uptober,” a term frequently employed in the crypto realm to depict the typically bullish trend experienced by Bitcoin and other cryptocurrencies during the month of October.

Adding to the positive sentiment in the crypto market is the potential green light for a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC), bringing forth a glimmer of hope for the industry.

Within the past 24 hours, CoinGlass data highlights a staggering 29,385 traders who faced significant liquidation, resulting in a total liquidation value amounting to a noteworthy $114.21 million. Notably, more than $70 million in liquidations originated from short positions.

Among the liquidation instances, the largest occurred on the Huobi exchange and involved the BTC-USDT trading pair, amounting to $8.39 million.

Further analysis conducted by CoinGlass indicates that this sudden price movement led to substantial losses, with approximately $41 million worth of BTC shorts and $25 million worth of ETH shorts being “rekt,” as the colloquial term goes.

Price Action: At the time of writing, BTC was trading at $28,340.81, up 4.98% in the last 24 hours, according to Benzinga Pro.

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