HomeBitcoinBitcoin price surges past $66,000 as crypto market gains momentum

Bitcoin price surges past $66,000 as crypto market gains momentum

-


Bitcoin Surges Over $3,000 in Four Hours, Short Traders Face Nightmare

The cryptocurrency market experienced a sudden surge as Bitcoin climbed over $3,000 in just four hours on July 19. This fresh wave of volatility pushed the price of Bitcoin higher, with the BTC/USD pair rising from $63,303 to $66,506.

According to data from Cointelegraph Markets Pro and TradingView, short traders faced a nightmare as Bitcoin continued to climb, hitting an intraday high of $66,773 on Bitstamp. Independent analyst Caleb Franzen noted that this uptick in Bitcoin’s price indicated an uptrend behavior, with bulls regaining control over the market.

The rally on July 19 resulted in the liquidation of short positions worth $40.83 million within four hours, with a total wipeout of $131.65 million in 24 hours. CoinGlass’s Bitcoin liquidation heatmap showed that BTC was pushing through overhead ask liquidity, with $83.38 million ask orders between $66,880 and $67,000 at risk of being liquidated in the short term.

Meanwhile, market analysts observed that Bitcoin’s retail demand hit three-year lows, reflecting the current market sentiment. MN Capital founder Michaël van de Poppe highlighted that institutional investors have been driving demand for Bitcoin investment products, while retail investors have yet to return to the market.

Despite the current market dynamics, analysts remain optimistic about Bitcoin’s long-term prospects, with forecasts of a price above $200,000 once BTC enters a parabolic uptrend. As the cryptocurrency market continues to experience volatility, investors are advised to conduct their own research before making any investment decisions.

LATEST POSTS

Ant Digital, Alibaba’s Fintech Arm, Increases Funding for Blockchain Expansion

Ant Group's Blockchain Expansion: Capital Injection and Strategic Moves in China Ant Group, the fintech arm of Alibaba, is making significant moves in the blockchain...

Binance Launches ‘Word of the Day’ Game: Earn Binance Points and Prizes

Binance Introduces 'Word of the Day' Game: Win Binance Points and More Binance Introduces 'Word of the Day' Game: Win Binance Points and More Binance, a...

Sony Group makes strategic move into cryptocurrency market with acquisition of Amber Japan

Sony Group Enters Crypto Exchange Market with Acquisition of Amber Japan Sony Group Makes Bold Move into Crypto Exchange Market with Acquisition of Amber Japan In...

Solana Surpasses Ethereum in Important Metric

Top Solana-based DEXes Lead in Daily Trading Volume, Surpassing Ethereum Solana-based decentralized exchanges (DEXes) are making waves in the cryptocurrency market, with five of them...

Most Popular