Bitcoin short liquidations continue to pile up as BTC rises.
Coinglass showed that $53.24 million of shorts have been liquidated since the turn of the year. In contrast, during the same period he had $11.98 million long liquidated.
The 4-hour chart showed that the short-long divergence took effect mainly on January 8-9 as Bitcoin rejected at $17,000 and definitively broke this level a few hours later.
Is the bull market back?
Over the past week, total market capitalization inflows reached approximately $46.6 billion, an increase of 5.8%. A previous example of similar inflows was before the FTX scandal, when his one-week market cap inflows starting Oct. 24, 2022 totaled $82.8 billion.
Some have speculated that the bull market may be returning as the appetite for cryptocurrency investment seems to be picking up again. However, others have dubbed it a sucker rally, given the pervasive macro uncertainty and the apparent lack of underpinnings.
Nonetheless, some technical analysts were bullish optimists even before the weekend saw a surge in capital inflows. for example, @AurelienOhayon Posting a chart showing BTC respecting the 2019 trendline and predicting it will jump to $65,000 by this summer.
“next #bitcoin Bull Run can start anytime!
Bitcoin’s dominance collapses
Interestingly, Bitcoin’s 24-hour gain was only 1.6%. Gala and Zilliqa, by contrast, currently lead the top 100, rising a staggering 62.8% and 49.3%, respectively, over the same period.
Since January 8, Bitcoin’s dominance has declined due to capital inflows into altcoins, dropping from 41.72% to 40.8% on Monday.