Bitcoin almost tapped $16,000 price range as the price exploded by 15% in the past day as we saw already in our bitcoin latest news.
Bitcoin continued to skyrocket higher in the face of the drop in the value of the US dollar. The price of the leading cryptocurrency reached $16,000 as it now trading for $15,970 on the leading spot exchanges. The price surge is resulting in a number of interesting trends for the BTC market namely for discoloration of prices between the futures market and the spot market as well. Futures markets are now lagging on the spot market though there are also some spot markets that are strongly lagging other spot markets as well. The last time the markets were this dislocated during the 2019 highs or potentially even earlier.
The dislocation may be a byproduct of OKEX shutting down withdrawals which forced the platform’s investors into the coins like wrapped BTC and stable coins. The rally shocked investors across the board as many of the investors are going into the rally that was short, as evidenced by the negative funding rates seen earlier this week and on the weekend. As a result of the strong move higher dozens of millions worth of long positions were liquidated in the day alone. There were some that were sorting they rally in hopes of looking at the parabolic top, though it failed to do so as the coin kept on mounting to the upside.
The signs of preliminary top started coming out as the fear and green index for BTC has hit multi-year highs, showing that profits could be taken soon. As recently reported, The price traded to a new 2020 high at $14,338 and it is now well above the 100 hourly simple moving average. This is due to the rising channel forming with support of $13,950 on the hourly charts of the pair. The BTC/USD pair could correct a few points but the bulls are eyeing a breakout towards $14,500 or even $15,000. After the successful close above ,800 resistance, bitcoin’s price started a steady increase so the price broke the main ,000 resistance level and settled above the 100 hourly simple moving average.
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