Earlier today (March 31), prominent on-chain analyst Willy Woo talked about Bitcoin’s recent price action and where he expects the Bitcoin price to go next.
On Tuesday (March 30), according to data by Bybt, around $778 million worth of long positions got liquidated.
As usual, when traders either get too bearish or too bullish, it is easy for whales to step in, drive the price in the opposite direction to current sentiment, thereby forcing traders using high leverage to get liquidated.
Woo started by commenting on yesterday’s long liquidations.
Someone then asked him how is Bitcoin go to get to the $70K level if every time Bitcoin starts to rally we get long liquidations that push the price down.
Woo replied that it was important to zoom out and recognize that Bitcoin is currently in a consolidation phase and that the Bitcoin price has a very high chance of getting to the $70K level and beyond.
Later in the day, William Clemente II, an on-chain analyst who is currently writing for Bitcoin Magazine, also took time to explain how Bitcoin markets work.
The biggest crypto news of the day arrived around 13:00 UTC when CNBC reported that, according to Mary Catherine Rich, who was recently named the global head of the new Digital Assets Group within Goldman Sachs’ private wealth management division, the bank plans to offer investments in Bitcoin and some other cryptoassets in Q2 2021.
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that… There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.“
“We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be… But I think it’s fairly safe to expect it will be part of our future.“
According to data by CryptoCompare, Bitcoin is currently (as of 19:47 UTC on March 31), trading around $59,338, up 0.71% in the past 24-hour period.