Bitcoin rises 4% amid long liquidations, and short-term holders realized share

• Bitcoin rose above $63K following a bounce off the $59K level.
• The recent decline in Bitcoin between Wednesday and Thursday led to long liquidations of $290 million.
• Short-term holders realized share have declined over the last three months.

Bitcoin (BTC) climbed above $63,000 on Friday after Mt Gox pushed its repayment plans to 2025, easing tension among investors. Meanwhile, CryptoQuant data reveals that Bitcoin long liquidations hit $290 million on Thursday, the highest level since 2022.

Top Bitcoin moves ahead of weekend

• Bitcoin declined early on Friday following speculations that a second rate cut may be unnecessary. As fears stormed the market, prices fell below $60K. Prices only began to recover after Mt Gox postponed its repayment plans to 2025.
   
• Bitcoin experienced an 11% drop between October 1 and October 11, resulting in heavy liquidations among long position holders. CryptoQuant data indicates that the long liquidations between Wednesday and Thursday stood at $290 million. This also represents the highest amount of BTC long liquidations since June 2022.
  BTC Long Liquidation
   
• Bitcoin has traded sideways for nearly 200 days since the halving event in April. Ki Young Ju, CEO of CryptoQuant, suggests that if Bitcoin fails to trigger a bull market within 14 days, it will be the longest sideways post-halving in BTC’s history.
   
• Likewise, according to long-term trader Peter Brandt, Bitcoin has traded below its all-time high of $72K for 30 weeks. Brandt suggests the top cryptocurrency could see a decline as it usually dives over 75% when it fails to establish a decisive new all-time high within this period.

  Hey Bitcoiners
  Are you familiar with the concept of “market analogs?”
  Here is something to think about
  It has been 30 weeks since $BTC made an ATH
  Whenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93

  — Peter Brandt (@PeterLBrandt) October 11, 2024

• The critical Bitcoin short-term holder (STH) level also hovers around $62K, which remains consistent with the past three months. However, CryptoQuant data revealed that Bitcoin’s persistent sideways movement led to a decline in STH realized share within this period. This drop from 55% three months ago to 40% now indicates that short-term holders are more likely to react to price fluctuations in the future.
  
  BTC Short-Term Holders Realized Price
   
• However, CryptoQuant analysts still suggest that the bull cycle is still in progress. The current market movement mirrors the 2013 and 2020 cycles, during which long-term investors realized profits twice while prices hit new highs.