Bitcoin has been slowing down on its bullish momentum over today’s trading session, but the crypto market continues to push to the upside. BTC’s price still records profits in the last 24 hours and 7 days with a 3% and 3.3% respectively. Related Reading | Bitcoin Breaks Above Realized Price Again, Bottom Finally In? The cryptocurrency was probably affected by a decline in the legacy market. For the past months, Bitcoin has displayed a high correlation with the S&P 500 and the Nasdaq 100. The S&P 500 was seeing important gains since the start of July 2022 after a major bearish price action took it from around 4,800 to its current levels at around 3,800. In the past week, the index took a bearish turn which seems to be contributing to BTC’s price incapacity to break resistance at $22,000. On the other hand, the crypto market has been seeing positive developments. The second crypto by market cap Ethereum has a date for its highly anticipated event, “The Merge”, investors have absorbed the selling pressure without BTC’s price losing its 2017 all-time high in high timeframes, there is far less leverage in the crypto market. In addition, research firm Santiment records an increase in Bitcoin whales’ activity. These large investors have been triggering network activity as they seem to accumulate BTC at its current levels. On today’s price action, Santiment stated the following while sharing the chart below: About three h...
$285 Million in Bitcoin Shorts Wiped Out
