In brief:
- Bitcoin long term holders, aka OGs, are no longer selling after Tesla bought BTC
- Bitcoin old hands are extremely strong and their lack of selling, points to new highs for BTC
- Bitcoin has since reclaimed $60k liquidating $550 million in shorts
- A new all-time high by Bitcoin might just be a few days away
Veteran Bitcoin analyst, Willy Woo, has pointed out that long-term holders, also known as OGs, are no longer selling their BTC after Tesla bought $1.5 billion worth back in February. Mr. Woo made the statement via Twitter where he was responding to a similar analysis by the Co-Founder of Glassnode, Rafael Schultze-Kraft.
Mr. Schultze-Kraft had identified that early Bitcoin investors, also known as old hands, were still HODLing thus indicating that they are confident of BTC’s long-term value. Both tweets by Will Woo and Rafael Schultze-Kraft can be found below.
OGs stopped their usual pattern of dumping into rallies after Tesla bought BTC.
— Willy Woo (@woonomic) April 9, 2021
Bitcoin Reclaims $60k Liquidating $550 Million in Short Positions
At the time of writing, Bitcoin is trading at $60,700 after an impressive overnight pump from $58k to a local high of $61,800. The 6.5% positive move by Bitcoin resulted in liquidated short positions to the tune of $550 million.
The move above $61k by Bitcoin was also the first one since March 13th and is a bullish sign of further price movement. The possible growth of Bitcoin in the days to follow was pointed out by the team at Crypterium Analytics earlier this week through the statement below.
Most likely, in the next couple of days we will see another attempt by the price to break through and gain a foothold there. This level is at around $60,000…
At the same time, the growth range can be very significant, up to $72,000 — $74,000. Most likely, somewhere in the middle, we will see a small stop, presumably in the area of $66,000- $67,000.
Bakkt’s Bitcoin Open Interest at An All-time High
Institutional investors are also bullish on Bitcoin as the open interest on the Bakkt trading platform is at an all-time high. This milestone was identified and shared by the team at Unfolded through the following tweet.
Bakkt open interest hits an all-time-high pic.twitter.com/OQGRIwlt0n
— unfolded. (@cryptounfolded) April 8, 2021
