The past four days have been overwhelmingly bullish within the cryptocurrency community. Even though some caution is still present, it appears that the market sentiment is quickly brightening up.
In the past four days, bitcoin’s price surged by a whopping 18% from slightly above $37,000 to above $44,000, where it’s trading at the time of writing this (on Bitstamp)
Chart by TradingView
As a matter of fact, the price went above $45K briefly during Tuesday’s trading session and reached as high as $45,500. It has since corrected and currently sits at around $44K.
It’s safe to say that bears have seen better days, as, during this period, data from CryptoQuant reveals that over $229 million worth of short positions were liquidated in the perpetual markets.
Source: CryptoQuant
Bitcoin remains particularly volatile at the time of this post, and it’s important to be very vigilant and careful.
It’s also worth noting that the aggregate funding rate is presently negative.
OhNoRipple via https://www.ohnocrypto.com/ @George Georgiev, @Khareem Sudlow
$230 Million Shorts Liquidated in 4 Days as Bitcoin Spiked 18%
Reviewed by Khareem Sudlow
on
February 08, 2022
Rating: 5
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