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Today, Bitcoin has finally risen above the $45,500 resistance level broken yesterday. The price expectedly came out of the ascending triangle, reaching $47,000 per coin today.
Does the main cryptocurrency have the opportunity to continue growing and how long will BTCUSD grow?
The latest bitcoin rally, during which the price of BTC approached the highs of 2022, came as a surprise to most traders who are counting on a fall. Data on Monday showed nearly $140 million worth of bitcoin short positions were liquidated in the past 12 hours.
The number of short positions in the cryptocurrency market jumped over the weekend. Traders were probably expecting consolidation after the market's last rally. The total market capitalization is up 12% to over $2 trillion in the last seven days.
Much of the recent growth has been attributed to improving institutional sentiment towards cryptocurrencies. As a result, several large Wall Street hedge funds and banks have increased their presence in the market.
The increase in crypto whale activity has also contributed to the growth of popular altcoins, in particular Ethereum (ETH) and Solana (SOL).
Coinglass data showed that the total volume of short positions in the cryptocurrency market hit a one-month high on Sunday. At that point, consolidation below $45,500 suggested that traders were taking a breather from the recent rally. Over the past 12 hours, 81% of the market were in crypto shorts, while 84% of BTC positions have been shorts.
Most of the liquidations have occurred in the past 12 hours, with the total liquidation of short positions in the market reaching a whopping $369 million. The FTX and Binance exchanges appear to have placed the most short positions, while the largest liquidation order was placed on Bitmex with $10 million.
Bitcoin traded above $47,000 for the first time since early January, and traders are now predicting further gains. This dynamic also revived hopes for a new all-time high.
Now that the price has finally broken through the resistance level of 45,500, the potential of working out the triangle allows us to expect growth to at least $52,000. But so far, an intermediate level of $47,000 is on the way to this target. A pullback is not excluded from it to confirm the level of 45,500 as support. But do not rule out a quick breakthrough.
The next target after $52,000 will be $56,000 and the next technical and psychological target is at $60,000 per bitcoin.
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