Bitcoin's Move Past $8,000 Liquidates Millions; Sends Bears Into Hiding

Bitcoin's Move Past $8,000 Liquidates Millions; Sends Bears Into Hiding

  • Bitcoin’s overnight upswing allowed the crypto to gain what appears to be a firm foothold within the $8,000 region

  • This movement came about shortly after the extended period of sideways trading that it faced throughout the past several days

  • It also liquidated millions of dollars in short-positions, leading BTC’s open interest to dive as bears go into hiding

Bitcoin’s notable overnight rally has marked a major extension of the uptrend that was first sparked when it rebounded from lows of $3,800 that were set in mid-March. The price action seen throughout the past month has allowed the crypto to erase all of the losses that came about as a result of this capitulatory decline, as it is now trading back where it was before the rug was pulled out from underneath it. This latest movement has left a trail of destruction in its wake, as millions of dollars’ worth of short positioned were liquidated, subsequently leading the cryptocurrency’s open interest to dive. Analysts are now noting that they generally anticipate Bitcoin to push higher, although its uptrend may be running low on fuel. Read More...