Bitcoin and the entire crypto market have been caught in the throes of a strong bull trend throughout the past few days.
Although Bitcoin kicked off this bull trend in the absence of altcoins rallying, smaller digital assets are now catching up.
While speaking about the effects this latest push towards $13,000 had on the underlying market, one research firm noted that it was a bloodbath for bears.
In total, $360 million in short positions were liquidated.
Its price is now rapidly ascending back towards $13,000 despite a slight rejection here earlier, and it does appear that further upside could be imminent.
Bitcoin Maintains Recent Gains; Enters Consolidation Phase
At the time of writing, Bitcoin is trading up marginally at its current price of $12,850. This is around where it has been consolidating in the time following its massive surge up to highs of $13,200 yesterday afternoon.
This movement’s intensity throughout the past couple of days suggests that Bitcoin truly is entering a full-fledged bull market and may indicate that further gains are right around the corner.
For it to rally higher, however, it is imperative that bulls firmly surmount $13,000.
Data Shows Over $300 million in BTC Shorts Were Liquidated Yesterday
While sharing insights into the impacts of the recent rally on the markets that underpin BTC, one data platform observed that over $300 million worth of Bitcoin short positions were liquidated.
They also note that open interest is once again surging, now sitting above $4 billion for the first time in quite a while.
Growing open interest following this surge indicates that further volatility could be imminent in the coming days and weeks ahead.
Featured image from Unsplash. BTCUSD Pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/2TiAng0
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