Bitcoin bulls blitz $69K as retail traders pressure short positioning - Source: CoinTelegraph

Bitcoin rallied to $69,482 on Friday, and the rally coincided with data showing steady accumulation from smaller-sized holders in February.

Analysts say the breakout may evolve into a broader bullish trend, although other data suggests that a longer period of price consolidation will underlie the emerging bull trend.

Key takeaways:

• -BTC broke above the $69,000 resistance and its descending channel, triggering $92 million in short liquidations within four hours.

• -Small wallets added $613 million in February, while the whale wallets stalled with $4.5 billion in outflows.

• -Short-term holder profit-ratio indicator hit its lowest level since November 2022, underscoring weak sentiment over the past few weeks. 

Story continues: https://cointelegraph.com/news/bitcoin-bulls-blitz-dollar69k-as-retail-traders-pressure-short-positioning