Big Bitcoin Price Swings Wipeout Traders as ETF Buyers Battle Profit-taking Sellers – Where is BTC Headed Next?
The Bitcoin (BTC) price saw big swings on Friday, with droves of traders on both the bullish and bearish side getting their positions wiped out as US spot Bitcoin ETF buyers continue to battle against profit-taking sellers.
BTC begun Friday’s session above $71,000 before selling off sharply during Asia trade.
Having dropped as low as the $65,500s, the Bitcoin price abruptly rallied back to $70,500 during US trade.
It was last trading around $68,000, with leveraged futures positions worth $200 million having been wiped out, as per coinglass.com.
That marked the most punishing day for the bulls since the 4th of March. On that day, long positions worth $244 million were taken out.
Since printing fresh record highs near $74,000 on Thursday, Bitcoin has lost bullish momentum.
Profit-takers appear to have taken control of the market, despite still elevated demand for spot Bitcoin ETFs.
As per CryptoCon, a 30-day moving average of a widely followed on-chain metric called the Realized Profit/Loss Ratio is at “absurd” levels.
When #Bitcoin profits get high, investors get ancy to sell. ETF inflows don't change that.
The data shows us that we are at absurd levels of profit, the highest since 2013 on the 30-day MA profit/loss ratio.
The first cross of the 23 value line hasn't represented the top in the… pic.twitter.com/2hjY1FIDwN
— CryptoCon (@CryptoCon_) March 15, 2024
CryptoCon was keen to point out that this doesn’t mean the market is necessarily close to toping.
But it does suggest that investors sitting on big profits are likely getting “antsy to sell”.
At current levels around $68,000, the Bitcoin price is up over 60% since the beginning of the year.
Massive spot Bitcoin ETF inflows have been the main driver of the rally. And they have been
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