Bitcoin is back in the spotlight after surging past $97,000 this morning, a three-month high driven by strong demand from institutional investors.
As of 9:30 this morning, the price of Bitcoin opened at $96,397, up 0.07% since it opened early Thursday in Asian trading.
The surge came after MicroStrategy bought $1.25 billion worth of Bitcoin, followed by an inflow of $753 million into the Bitcoin spot ETF in the United States. A clear signal that institutions are increasingly confident in this digital asset.
The price rise also triggered a wave of ‘short liquidations’, where sellers who bet on the price falling were forced to close their positions when losses became too great.
More than $360 million in positions betting on Bitcoin’s fall were closed within 24 hours, including one position worth almost $35 million on the HTX exchange.
Interestingly, the number of Bitcoin holders decreased by over 47,000 addresses, a pattern that has previously often preceded price increases. At the same time, the volume of Bitcoin on exchanges fell to a seven-month low, indicating less selling pressure in the market.
With institutional demand continuing to rise and supply on exchanges dwindling, many analysts see the current momentum as a positive sign for Bitcoin.
