The rollercoaster ride of Bitcoin continues, with a recent crash from its record high of over $73,000. This has sparked a wave of pessimism, leading many traders to bet against the cryptocurrency. However, these “bears” could be in for a rude awakening if Bitcoin rebounds.
Bears Risk Losing $7.2 Billion
Crypto analyst Ash Crypto shared a worrying trend: a massive number of short trades have been placed on Bitcoin, expecting its price to continue falling. If Bitcoin were to defy expectations and reach a new all-time high above $74,000, these bears could lose a staggering $7.2 billion.
Bulls Are Accumulating
Despite the bearish sentiment, Bitcoin bulls remain optimistic. They have been using the price decline as a buying opportunity, particularly among “whales” who hold large amounts of Bitcoin. Over the past month, these whales have added a significant 1.4% of the total supply to their holdings.
Bitcoin’s Struggle
Currently, Bitcoin is hovering around $63,000, facing resistance from the bears. Its price has dropped 4.05% in the past day, but the bulls are not giving up. They believe that Bitcoin has the potential to break through the resistance and resume its upward trend.
If Bitcoin does indeed surge, the bears who have bet against it will face massive losses. On the other hand, the bulls who have been accumulating during the dip could reap significant rewards.
