Bitcoin Price Sustains Over $73K as Short Liquidations Top $100M

Key Insights:

• Bitcoin price retested short-term resistance, building on last week’s momentum.
• Short liquidations bear the sharp end of the knife with losses pushing past $100 million.
• Net spot flows accelerated in favor of the bulls, but whales were taking short-term profits.
• Starcloud CEO revealed plans to roll out Bitcoin mining in space within a year.

It’s a new week, and Bitcoin price is off to a bullish start, riding on last week’s momentum. Short positions have also taken a hit as the market continues to demonstrate bullish resilience, but can it sustain the trend?

Bitcoin Price Retests $74K as Bullish Momentum Builds

Bitcoin price briefly pushed above $74,000 on Monday morning but pulled back slightly to $73,699 at press time. This was the second time since 4 March that the price pushed above $74,000.

Bitcoin Price Action | Source: TradingView

The momentum also marked the second attempt at exiting the short-term sideways range that had prevailed since early February. BTC price was on its 8th consecutive day in the green, an impressive run given that it had previously faced price suppression. The push above $73,000 had some interesting outcomes, especially from a liquidation perspective.

Bitcoin Price Uptick Above $73,000 Triggered a Surge in Short Liquidations

Rising liquidations often occur when volatility rises, and prices push above key levels. Interestingly, the latest upside caused a significant surge in liquidations, with shorts on the receiving end.

For context, short liquidations surged to $108 million over the last 24 hours, compared to $17 million in long liquidations. This surprisingly long-short ratio reflects the current bullish resilience.

However, it was worth noting that Bitcoin price retested a key major resistance level near $73,000. The latest healthy demand BTC has recently enjoyed has also raised speculation that it may mark the start of a stronger recovery trend.

However, short-term retracement was also a possibility. Large order flow data signaled that whales were already taking profits, especially on Binance. The latter registered $23 million in net outflows in the last 24 hours.

Large Order Book Flows | Source: CoinGlass

Whales also executed over $3.5 billion in short positions on Binance and $546 million on OKX perps. However, whales in OKX and Coinbase spot segments collectively contributed $7.5 million in net buys.

The short bets signaled that there were plenty of expectations that BTC crypto price action would revert to the downside. Meanwhile, a faction of traders believed the latest run-up could signal a bullish breakout.

The reasons for the recent upside were also worth noting. For example, gold has been bleeding liquidity since the start of March. Some of that liquidity found its way back into the crypto market.

Institutional activity may also be behind this latest bullish activity. Last week, Bitcoin ETFs reaccumulated a substantial amount of BTC crypto.

BlackRock BTC Crypto News | Source: X, Courtesy of Arkham

According to Arkham Intelligence, Coinbase purchased $600 worth of Bitcoin over the course of a week. This kind of demand signals bullish expectations.

BTC Could Be Going to Space

You know the phrase “Bitcoin is going to the moon?” Well, BTC crypto might actually be going to space, and this time it is not a figure of speech but an actual possibility. Starcloud, a company backed by Nvidia, is reportedly planning to launch Bitcoin mining ASICs into space. The company’s CEO revealed the plan during a recent interview.

If Starcloud achieves this goal, it will make history. It will become the first company to conduct space-based or off-planet Bitcoin mining. However, the company’s CEO noted that one of the biggest challenges will be the cost of taking the mining ASICs into space.

The prospects of off-planet Bitcoin mining have been explored before. However, this time it could actually become reality. Space-based mining could further boost Bitcoin’s decentralization, thereby increasing its appeal as a financial infrastructure.

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