Just 24 hours ago, Bitcoin surged above $10,000 for the first time in weeks in a move that shocked the market. During the rally, over $100 million worth of short positions were liquidated as the asset jumped nearly $1,000 higher within an hour.
But just as fast as BTC has rallied, it has reversed.
As reported by Bitcoinist previously, the asset was hit with a barrage of sell orders that took the asset as low as $8,600 on BitMEX. The sell orders took Bitcoin more than $1,500 down in three minutes, liquidating another $100 million in derivatives positions in the process.
Image from Skew.com showing the value of BitMEX liquidations over the past few days.
Bitcoin Uptrend Still Intact, Analyst Says
Bitcoin’s drop today was devastating for bulls. The cryptocurrency fell back below the $10,000 psychological support, while the bullish momentum that came from the day earlier was lost.
Yet according to a prominent chartist the uptrend “looks intact.”
Nunya Bizniz shared the image below that illustrates this. It shows that today’s price drop ended exactly where a technical uptrend formed after the $3,700 March 2020 lows is, suggesting that bulls remain in control from a medium-term perspective.
Price chart showing Bitcoin is still in an uptrend from popular chartist Nunya Bizniz (@pladizow on Twitter).
While the uptrend may be intact, Bitcoin is still under a crucial resistance level: $10,500.
$10,500 is the point at which Bitcoin failed to pass twice in the past 12 months: once during the “Xi Pump” and another time during February’s rally to $10,500.
The fact that BTC has failed to break this level after successive takes at breaking it shows that the crypto market is not yet out of the woods.
Robert Sluymer of Fundstrat Global Advisors, for instance, recently made the following comment on the importance of the level:
“Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week sma) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-dma.”
Fundamentals Are Still Leaning Bullish
Whatever the case, the fundamentals of Bitcoin remain bullish.
Financial analyst and author Preston Pysh identified three such fundamental factors that suggest a further rally in the price of Bitcoin is in the works. These factors are as follows:
Through Grayscale’s Bitcoin Trust, institutional investors have been stacking a vast amount of Bitcoin since the halving and even prior to that.
The Chinese yuan has started to fall against the U.S. dollar to lows not seen since 2019 due to Hong Kong tensions. The U.S. is looking to impose sanctions on China because a new law threatens the autonomy of Hong Kong, analysts say. BTC may act as a safe haven in this scenario, just as it did when the yuan devalued in 2019.
The U.S. dollar and financial system may be reaching a point where it will “break” due to macro trends, according to Pysh. This would force the creation of a new financial system.
Featured Image from Shutterstock
Tags: XBTUSD, BTCUSD, BTCUSDT origin »
Tesla’s Bitcoin bet is paying off in a big way. The electric vehicle giant reported a $600 million unrealized gain on its Bitcoin holdings in Q4 2024, thanks to a new accounting rule update that allows companies to reflect fair market value for their crypto assets.
[Update Jan. 13, 11. 15: Since publishing, Bitcoin has continued to fall below $92,000 increasing liquidations to $418 million with $349 million in long positions. ] Bitcoin’s recent volatility triggered $311.
Russia’s $95 million Bitcoin liquidation, linked to a crypto bribery case, highlights legal hurdles and potential market volatility.
The post Russia to Sell $95 Million Worth of Bitcoin Amid Infraud Hacker Group Fallout appeared first on BeInCrypto.
JAN3 joins tech and publicly listed companies in fully adopting Bitcoin and expanding its adoption. On its blog, the company shared that it has raised $5 million in funds, which it plans to use to develop and expand its AQUA Wallet.
Energy company KULR Technology Group unveiled the start of its Bitcoin (BTC) treasury on Dec. 4 by acquiring 217. 18 BTC for approximately $21 million, at an average purchase price of $96,556. 53 per Bitcoin.
A major player in the cryptocurrency market found itself on an unusual side of history after experiencing its largest outflows in months. Related Reading: Fed Can’t Hold Bitcoin, No Plans Yet To Change Law, Powell Says The leading asset manager BlackRock ended the inflow streak of its Bitcoin exchange-traded fund after recording a $72.7 million […]
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Genius Group Limited, an education and AI firm based in Singapore, has expanded its Bitcoin-focused strategy by acquiring an additional $1.8 million worth of Bitcoin. This acquisition brings the company’s total holdings to 172 Bitcoin (BTC), valued at $15.8 million,…
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Spot Bitcoin exchange-traded funds in the U. S. recorded outflows of over $300 million this week as global macroeconomic events sparked uncertainty over short-term direction. After closing the historically bearish September with over $1.
Bitcoin price held steady above $60,000 on Thursday, Aug. 29, even as its exchange-traded funds saw two consecutive days of outflows. Data from SoSoValue shows that Bitcoin (BTC) ETFs lost $105.19 million in assets on Wednesday after shedding $127 million…
U.S. spot Bitcoin ETFs saw $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since August 6th. The outflow ended an eight-day streak of positive inflows totaling $756 million into the Bitcoin products.
Mt. Gox moved over $700 million worth of Bitcoin to unknown wallets, its first major transaction in weeks. The defunct exchange still owes billions to victims of its 2014 hack.
Marathon Digital purchased $249 million of Bitcoin, expanding its corporate treasury to over 25,000 BTC. The Nasdaq-listed mining firm continues aggressively accumulating Bitcoin.
US government Bitcoin movements could impact market stability and signal future regulatory actions in the cryptocurrency space.
The post US government-associated wallet moves $600 million in Bitcoin appeared first on Crypto Briefing.
Japan-based Bitcoin investment firm Metaplanet said it purchased 57. 1 BTC for 500 million yen, equivalent to $3. 3 million, according to an Aug. 13 statement. This purchase bolsters the company’s Bitcoin reserve to 303.
Bitcoin venture fund Ego Death Capital has raised over $43 million in the first close of its $100 million second fund to invest in Series A Bitcoin Startups.
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US Bitcoin ETFs recorded $886.6 million in inflows, the second-highest on record, while Bitcoin surged to $71,200, indicating bullish trends.
The post Bitcoin ETFs Garner $886 Million as Hash Ribbons Indicator Hints Bullish Signal appeared first on BeInCrypto.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of $45 million on May 28. This extended their win rate to 11 straight days despite the Grayscale Bitcoin Trust ETF (GBTC) experiencing $105.
Semler Scientific buys 581 Bitcoins for $40 million, adopting Bitcoin as its main treasury reserve and boosting its stock by 27%.
The post Healthcare Pioneer Semler Scientific Bets Big on Bitcoin with $40 Million Investment appeared first on BeInCrypto.
Semler Scientific adopts Bitcoin as its primary treasury reserve, purchasing 581 bitcoins for $40 million, signaling trust in its investment value.
The post Semler Scientific acquires $40 million in Bitcoin, stocks surge 32% appeared first on Crypto Briefing.
Bitcoin Ordinals explorer Ord. io has raised $2 million in a pre-seed funding round co-led by Bitcoin Frontier Fund and Sora Ventures to prepare for the highly anticipated launch of the Runes Protocol.
The jump in hash rate came in response to mining difficulty hitting an ATH.
Revenue raked in by miners on the 11th of April was close to $69 million, up 70% YOY.
Bitcoin's [BTC] hashrate bumThe post Bitcoin miners' $69 million payout: Boom before April halving? appeared first on AMBCrypto.
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.