A year after the flash crash event that saw BTC hit $4000, we can see the number one cryptocurrency shooting above the $60,000 price range in our latest bitcoin news today.
BTC is the world’s biggest crypto by market cap and it broke the $60K level today that was driven by futures and spot trading activity so it has now returned over 990% to the investors in the past year while 8% in the past day alone. The data shows that over $490 million worth of “short” positions or bet against the rising prices of the coin, were liquidation as a result of the recent surge. The move looks like a revival of sorts and it fell to under $4000 back in March 2020, and now a year after the flash crash event, we can see the coin surging again.
BTC started trading under $56K this morning but then increased above the $60K level later in the day. The move coincided with the distribution of the stimulus checks in the US that are worth $1400 as aid in the wake of the current coronavirus pandemic. BTC investor Anthony Pompliano even commented that the new round of stimulus checks will most likely be used to purchase BTC. As the charts show, BTC remains in a strong uptrend and trades over its 21-period exponential moving average which is used by the traders to determine the direction and the strength of the trend for the asset.
The on-chain data also shows a bullish environment and the concentration metric suggests that the whales already started accumulating at these price levels while Futures markets show a bullish sign. The Net Network Growth which is a measure of the growth of the network flashed a bearish sign as well as the number of large transactions which is a sign that the market could be overheated and will see a new brief correction.
$60,000 bitcoin and stimulus checks hitting this weekend.
Oh my! This should be fun.
— Pomp 🌪 (@APompliano) March 13, 2021
In the meantime, the price bump is slowing down for now as BTC saw selling at the $60K level, falling to $59,940 before regaining strength above the $60,050 level at press time. BTC is now ranked #1 by market cap and the number one cryptocurrency increased by 6.1% in the past day with the coin reaching a market cap of $1.11 trillion.
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