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Bitcoin (BTC) Price Reaches $47,200; Analyst Predicts This Bull Run Will Sustain

The crypto market has entered the new week on strongly bullish grounds. Bitcoin, the benchmark cryptocurrency, rose to a price of over $47,200; a price level last held on January 3.
Massive shorts liquidations spurring Bitcoin’s price rally
Santiment, a market behavior analysis platform, argued that the price surge has been due to massive shorts liquidations over the weekend. Per their data, funding rates for altcoins first saw a huge short ratio. This was followed by shorts liquidation in the Bitcoin derivatives market. The result of the liquidations move has been a spike in “all of crypto,” Santiment wrote.

#Bitcoin launched to $47.2k, its highest price since January 3rd. The massive amount of #shorts that were growing on exchanges is the primary culprit for this jump. #Altcoins really saw a huge #short ratio at 1pm UTC, followed by $BTC at 6pm UTC, spiking all of #crypto. pic.twitter.com/vOi8YBmP4s
— Santiment (@santimentfeed) March 28, 2022

Liquidations data from Coingl

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