Bitcoin gained strength on Wednesday, climbing above $62,000. The price recovered from the recent local bottom of $57,735 and traded as high as $62,137 intraday. The increase in the last 24 hours was approximately 3%.
Whale purchases and liquidations supported the rise
On-chain data showed that major Bitcoin investors collected approximately 270,000 BTC during the recent weakness. This picture strengthened expectations that long-term investors see current levels as attractive for savings.
Scott Melker stated that the purchase of 270,000 BTC at around $ 59,000 was the largest single accumulation jump ever seen on-chain, and this movement surpassed the purchases during the COVID-era lows and the FTX crash.
The recovery also brought about harsh liquidations in futures markets. According to Coinglass data, more than $606 million worth of positions were closed in leveraged transactions in the last 24 hours. Most of the losses were suffered by investors who took bearish positions. Closing short positions also accelerated the upward movement of the price.
Coinglass is widely known as a data platform that tracks liquidation data in crypto derivatives markets.
Mini dictionary: Liquidation is the automatic closing of the position of the investor who opened a leveraged transaction by the stock exchange when his collateral is insufficient. Liquidating short positions can increase buying pressure in a rising market, pushing the price even higher.
Scott Melker thinks hard whale buying could signal a local bottom forming in Bitcoin. Order book data reveals that there are intense sales orders between $62,000 and $65,000. On the other hand, strong buy orders stand out in the range of $ 55,000 and $ 57,000.
| Indicator | Level |
|---|---|
| intraday peak | $62,137 |
| local bottom | $57,735 |
| sales pressure | $62,000 to $65,000 |
| support zone | $55,000 to $57,000 |
The $65,000 threshold is monitored
Market analysts state that if Bitcoin rises above $65,000 with strong spot demand, it may find additional upside space of 8% to 10% in a short time. However, in this scenario, the permanence of purchases in the spot market will be decisive.
Ted states that there are significant sell orders between $62,000 and $65,000, large buy orders have accumulated between $55,000 and $57,000, and if the break above $65,000 is supported by strong spot demand, a rapid rise can be seen.
Macro pressures maintain cautious outlook
Despite the recovery in price, caution remains in the broader crypto market. Concerns about inflation and uncertainty about the US Federal Reserve’s interest rate policy limit the appetite for risky assets. High bond yields and a strong dollar can also suppress demand for digital assets.
In the same period, the tendency of capital to artificial intelligence-related stocks weakens the flow of new funds that can enter crypto assets. It seems that the appetite on the corporate side is not as strong as before. The ongoing outflows from US spot Bitcoin ETFs indicate that some major investors remain cautious despite the recovery above $60,000.
Some analysts warn that broader weakness, especially in the S&P 500, could spread to the crypto market. Therefore, investors are closely watching whether buyers can overcome the intense resistance area between $62,000 and $65,000 while Bitcoin remains above $60,000.
