• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin’s Rally to All-Time Highs Leaves Trail of Bear Blood

December 18, 2020
in Bitcoin
Reading Time: 3min read
Bitcoin’s Short-Term Outlook is Dangerous for Bulls; Here’s Why




  • Bitcoin saw some potent price action yesterday, with bulls sending it rallying from the mid-$20,000 region to highs of $23,700
  • The selling pressure here proved to be quite significant and slowed its growth, but the cryptocurrency does appear to be poised to see further upside
  • One analytics firm explained in a recent tweet that a massive onslaught of short-sided liquidations fueled this movement
  • Over the past few days, over $1 billion in short positions have been liquidated
  • This may be one of the sole factors that helped add to the ferocity of this movement
  • If more bears try to fade the rally to $23,700 and begin stacking short positions, it could open the gates for further upside

Bitcoin and the rest of the crypto market have seen some mixed price action on a short-term timescale, with its macro trend resting firmly in bulls’ control.

Traders have noted that where the crypto trends in the mid-term should depend largely on its continued reaction to the upper-$23,000 region’s selling pressure.

A break above this level would continue the trend of price discovery that Bitcoin is currently seeing and potentially open the gates for a move significantly higher.

Bitcoin Shows Signs of Strength Following Rejection at $23,700 

Yesterday, Bitcoin’s price incurred some unprecedented momentum that allowed it to add thousands to its price in a matter of hours.

This led it from the mid-$20,000 region to highs of $23,700, which is where it finally began finding some serious selling pressure that slowed its ascent and caused it to drift lower.

It later retested this level and was once again unable to break above it. This confirms that this is a key near-term resistance to watch, with a break above it potentially catapulting Bitcoin significantly higher.

Analytics Firm: BTC Price Boosted by Massive Short Liquidation Spree

It appears that Bitcoin’s recent uptrend has been boosted by the mass liquidations seen amongst bears.

One analytics platform noted that over a billion dollars’ worth of short positions has been liquidated over the past three 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,” he said.

Bitcoin

Image Courtesy of Coinalyze.

Because short-side liquidations have bolstered this upwards momentum, Bitcoin bears must continue adding to these positions following rejections at levels at $23,700, as this will give bulls fuel to catalyze further upside.

Featured image from Unsplash.
Charts from TradingView.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: alltimeBearBitcoinsBloodhighsLeavesrallyTrail
Next Post
On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter

On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter

Market Wrap: Bitcoin Sits at $22.8K While $10B Locked in Top 5 DeFi Protocols

Market Wrap: Bitcoin Sits at $22.8K While $10B Locked in Top 5 DeFi Protocols

Don't Miss

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!
Cryptocurrency Videos

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!

by Lascena Cryptocurrency News Education
February 28, 2021
0

Today in crypto can Bitcoin go to $20,000 in 2020? Price prediction explained! And equity markets lose all touch with...

Read more
XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

February 28, 2021
Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

February 28, 2021
MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

February 28, 2021
THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

February 28, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$43,721.00-7.34%
  • ethereumEthereum(ETH)$1,353.40-9.51%
  • cardanoCardano(ADA)$1.22-14.30%
  • tetherTether(USDT)$1.00-0.31%
  • PolkadotPolkadot(DOT)$32.25-7.34%
  • Binance CoinBinance Coin(BNB)$199.10-12.52%
  • rippleXRP(XRP)$0.403820-9.82%
  • litecoinLitecoin(LTC)$159.08-9.30%
  • chainlinkChainlink(LINK)$23.88-9.89%
  • USD CoinUSD Coin(USDC)$1.010.43%