Bitcoin Analysis: BTC Slowly Creeps Toward $38k As Million Get Liquidated

Bitcoin

Bitcoin finally broke through the $37k resistance it receives a new push from the bulls. Following several days around $36k, it pushed through the said mark, registering a new high for 2023.

During the latest run, the top coin peaked at $37,978 on Bitstamp. However, it went further on other exchanges, breaking the $38k barrier. Coinstat tracked the apex coin and massive increases in the trading volume.

In response, the derivatives market is registering a significant increase in activity at this time. Traders lost more than $249 million over the last 24 hours. The short traders were the top losers as they lost almost $200 million to the delight of the bulls.

In other news, Michael Saylor’s bet on the apex coin is paying off. At the current price, Microstrategy’s bag is up by more than $1 billion. Other big whales like Grayscale and BlackRock are yet to publish their earnings.