The price of bitcoin (BTC) seems to be starting to make the upward moves that analysts have been predicting in recent weeks, but many traders were caught off guard, losing millions of dollars along the way.
This Monday, July 26, the market’s main cryptocurrency has seen a rise of more than 7%, surpassing $38,000 at the time of writing. Meanwhile, there were more than $900 million settled to bearish traders on various exchanges, according to data from ByBt.
The settlements correspond to those who, in leveraged trading markets, have bet on the decline of BTC. Funds, in these markets, are liquidated when the asset price takes a direction opposite to that predicted by the trader’s position and touches a certain level against it.
The liquidation figure is the highest against bearish traders in the last three months and the fifth highest overall. Prior to this Sunday’s July 25 trading day, $1 billion, $1.2 billion, $1.8 billion and $3.1 billion were liquidated on the exchanges in four separate trading days to traders betting on the cryptocurrency’s rise in the midst of the May debacle
. This is the largest liquidation to bearish traders in the last 3 months. Source: ByBt.
data shows that, despite the fall, last week closed with an increase of more than 11%, closing above $35,000.
Now, BTC is maintaining its upward movement, breaking $38,000 for the first time since mid-June. During the day on Monday, the price of the cryptocurrency came close to 40,000 without finishing the break of that level. At its highest point, the cryptocurrency remained at the level of
pennies away from touching $39,800.
Bitcoin has been up for six consecutive days. Source: TradingView.
Market in full green
In the last 7 days, bitcoin’s increase exceeds 22%, in data from CoinMarketCap. As reported by CryptoNews, already several analysts, including Willy Woo, recently predicted an imminent bullish breakout
for the price of bitcoin, which seems to be coming true now.
As is usually the case, with this BTC
move the rest of the market is also bullish. Major cryptocurrencies have moved positively as well, as reflected by CoinMarketCap.
and Cardano (ADA).