Bitcoin registered its highest jump in the past two weeks at $71,000, falling slightly short of its all time high record as analysts predict further surge in the value of most popular cryptocurrency.
BTC’s value reached its highest price in the last two weeks, and is almost at its greatest level since the quadrennial halving event in April.
As per Coin Market Cap, Bitcoin experienced a 3% increase with its current price standing at $70,900.
The price increase in the last 24 hours caused $27 million in bitcoin positions to be liquidated. During the same time frame, roughly $87 million worth of liquidations struck the broader Bitcoin market.
According to Coinglass data, of these aggregate cryptocurrency liquidations, the bulk (about $50 million) involved short holdings.
The QCP money research on Tuesday states that the world’s first-ever access to traditional money will surely sustain the price of Bitcoin, which touched $71,000 during the New York session.
Nonetheless, the Glassnode market analysis from Tuesday indicates that long-term Bitcoin holders—those who hold coins for three months to three years—are putting more pressure on the sell side.
“We can expect that this cohort’s incentive to sell more supply will grow should prices climb high, and elevate their unrealized profit further,” the research stated.
According to Glassnode, just 0.03% of the cohort of long-term holders are in a loss as a result of the price of bitcoin rising above $68,000 in the last 24 hours.