Bitcoin had shown its biggest week-start rally since April 25, a sign that Daily bitcoin settlements have declined in the last week.
May is reaching its end, and with nine consecutive weeks of low rates, the price of bitcoin registers an essential rebound at the beginning of the week since last April 25. For almost three weeks, the price has predominantly fluctuated between $28,000 and $31,000.
The bitcoin price is about USD 30,600, which represents a 4.5% rally in the last hours. This situation helped the market capitalization reach a peak registered at 4.22% or $50 million to reach $1.26 trillion. The bitcoin price crumbled down to 19.17% during May and 34% since the beginning of 2022.
Also, in the last week, a dominant decrease has appeared in daily settlements, both long and short positions, according to data brought by Coinglass.
Of USD 379 million of long positions liquidated last Wednesday, 25, 29 positions for USD 28.55 million got liquidated this Sunday. Similarly, liquidated short positions went from USD 263 million last Tuesday, the 24th, to USD 134 million this Sunday.
The Discussion About Bitcoin’s Future Price Continues
There are contrasting opinions regarding the evolution of bitcoin prices in the short and medium term. From the perspective of the most prominent investment banks in the United States of America, JPMorgan, bitcoin would fluctuate at least 30% below its fair price.
The financial institution foresees a medium-term recovery of the bitcoin and markets. Contrary to this bullish stance in the medium term, the number of bitcoin whales, or entities that control more than 1,000 BTC, is falling, as reported by various media outlets this past Sunday, May 29.
From its all-time high of more than 2,100 entities housing more than 1,000 BTC at the start of 2021, that number crumbled to 1,737, the lowest in 22 months. BTC faced a migration to exchanges, probably to get sold.
Generally, a decline in the number of bitcoin whales highlights a severe lack of trust in where the price of the leading digital asset goes.
The term bitcoin whales are the name that the crypto environment gives to the most prominent accumulators of the first cryptocurrency by market capitalization.
So, with these entities sending their Bitcoin holdings to exchanges, there is a clear bearish sign as the digital asset crumbles down to its lowest price level this year and still struggles to retake $30,000.
By: Jenson Nuñez
