On Coinbase, Bitcoin BTC is up more than $110,000 in price, a 3.7% increase over the last 24 hours. Bitcoin is booming, recently getting within 2% of its all-time highs from May. This combined with a drop last week, launching it back up to all-time high level. The subdued uptick seen on Monday shot into high gear, garnering the most robust price climb since June.
This latest drop comes on the heels of a massive 10% Bitcoin crash all the way down to under $100,000. The price increase caught the market’s highly leveraged traders off guard. In only a single hour, it caused the automatic liquidation of more than $110 million in short positions. In the past one week alone, the crypto derivatives market saw more than $1.9 billion worth of liquidations.
Analyst Caleb Franzen hailed Bitcoin’s price action as a “peaceful rally.”
"Just a consistent development of higher highs and higher lows. Any signs of weakness? Buyers step in and defend the trend." - Caleb Franzen
The last 10% drop did a great job of washing out too much leverage, leaving the door open for more upside. According to analysts at Bitfinex, the crypto market has finally found a more stable base from which to mount the next leg higher.
"Bitcoin is now at a crossroads—balanced between structural support and waning bullish momentum, waiting for its next macro cue." - Bitfinex analysts
OTC trader Jake O told The Block that macro catalysts could come into play later in the week, possibly pushing Bitcoin in one direction or the other.
