BTC price is again following a bullish run, after Elon Musk added Bitcoins in his twitter bio
by Rushali 
These days if Tesla’s CEO, Elon Musk has tweeted anything then it will create a quiet stir in the market. Something like this happened when Elon Musk added Bitcoin in his Twitter bio and that resulted in the rise of BTC over 15%.
That one-word addition caused the price of bitcoin to spike to a 10-day high of $38,020 and sparked $387 million worth of short liquidations on major exchanges including Binance, Bitfinex, BitMEX, ByBit, Deribit, FTX, HuobiDM, and OKEx.
Coinalyze’s data shows that the liquidation of the shorts is the largest since Jan 2 when exchanges closed $575 million worth of shorts.
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These closure of short positions happens when the price moves above a limit, signaling the liquidation engine to “square off,” or close, the positions and this kind of massive liquidation of shorts bring the bullish rally.
Analysts were expecting a bearish trend as it was turning bearish on Monday, because of the increasing inflows in the exchanges.
But market sentiment turned bullish after Musk changed his bio. And after changing his bio he tweeted, “In retrospect, it was inevitable.”
The Tesla and SpaceX CEO, who has made no secret of his loathing for short-sellers, may not have intended to have caused the liquidations but may have celebrated after viewing the change his bio change wrought.
After his change in bio, many people have started searching about Bitcoins, and now let’s see it will hold a bullish rally or, again bears will win the race.
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Vishal Shah, an options trader and founder of derivatives exchange Alpha5 said, “I assume the U.S. session will try to follow in lock-step of digesting the news,” he further added, “Typically speaking, such things would be met with a more muted response. But given the backdrop, I think it could be ripe for a follow-through.”
The resistance level of BTC is placed at $40,112. And investors are also waiting for it to touch the level of $42000.
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