Bitcoin’s rally ends up with $800 million liquidated in the recent violent price action yesterday that sent the bulls rallying from the mid $20,000 region to highs of $23,700 as we can see in today’s Bitcoin news.
The selling pressure proved to be quite significant and slowed down the growth but the cryptocurrency does seem to be poised to see more upsides. One analytics company explained in a tweet that a massive short-sided liquidation boosted the movement which could be the main factor that helped to add ferocity to this movement. If more bears try to fade the rally to the $23,700 level and start stacking short positions could open the gates for more upsides. BTC and the rest of the market saw some mixed price action on the short-term timescale with the macro trend resting in the bull’s control.
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The traders noted that where the crypto trends in the mid-term will depend on its continued reaction to the upper $23,000 region’s selling pressure.
Breaking above the level will continue the trend of price discovery that BTC is now seeing and potentially open the gates for a move higher. Bitcoin’s price incurred more momentum which allowed it to add thousands to its price in a few hours. This led it from the mid $20,000 region to the highs of $23,700 which is where it started finding more selling pressure which slowed down the ascent and caused a drift lower. It latest retested the level and was unable to break above it again. This only confirmed that there’s a key near-term resistance to watch with a break above it to catapult it higher as Bitcoin’s rally ends with $800M liquidated.
It seems that Bitcoin’s rally was boosted by the mass liquidations that were seen amongst bears. One analytics platform noted that more than a billion dollar’s worth of short positions were liquidated over the past few days.
“BTC yesterday, a summary: – Bitcoin made a new ATH, $23,776 ( Coinbase ) – HUGE trading volume: $80 billion on future markets, $10 billion on spot markets! – $800 million got liquidated: both longs and shorts – over the previous two days $1 billion shorts got liquidated.”
Because the short-side liquidations bolstered the upwards momentum, BTC bears have to continue adding to these positions after the major resistance levels at the $23,700 as it will give the bulls fuel to catalyze further upsides.
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