A $130 million short covering caused bitcoin to spike to $9k?
Bitcoin jumped by $1k in a matter of minutes, all the way up to $9k.
Bitcoin spiked to $9k yesterday and like usual, the cause was not readily clear.
It happened on a weekend when volumes tend to be lighter overall.
Often big moves up like the one we witnessed are due to shorts running for the exits all that the same time.
Check out the moon shot:
What was the cause?
A short squeeze perhaps?
According to trading date on Bitmex, one of the largest crypto margin platforms in the world, there was roughly $130 million worth of bitcoin short positions that were all liquidated in a very short period of time.
Whether they were liquidated and a cause of the price moving up or were liquidated in response to the price moving up isn't entirely clear.
Either way though, it appears that a large number of short positions were taken off as this move went up.
The unstoppable bitcoin...
Bitcoin continues to march higher despite a number of technical indicators flashing overbought for days now.
My guess is that it goes to $10k before any sizable correction.
Stay informed my friends.
-Doc
i really expect 9k before end of may
Yea, I think so as well. $10k before the end of June. :)
You called it here btw, right on May 31st!
$10k will be fun if it happens again soon. Maybe some people are scared that the bull market won't last, but I think this is just the beginning of stuff.
I think so as well. I think we just started a 2 year bull market. These cycles tend to repeat due to the halving. If it doesn't play out it would be the first time it hasn't played out that way, though admittedly we are only looking at 2 other data points.
I keep waiting for that 30% pullback that is yet to come! Would love a pullback to at least $7k before I put more money back to work.
Me likey $10,000 🧐
It is a very nice round number!
When is it going to happen?
Coins are marching towards their old ATH, notably BNB
https://www.coingecko.com/en/coins/ath
Will steem be able to approach its old all time high?
That's what we all are hoping for, well and that it goes way higher haha
Posted using Partiko Android
I would take 1/3rd of those old highs at this point. :)
We have gotten some decent development news as of late though, so that is a plus.
Definitely, and with a rising Steem price more people will come back
Posted using Partiko Android
Well, it was rising. I think we scared it off!
Haha yep, but I wanted to invest a bit so that's okay for me ^^
Maybe we can scare it off a bit more :P
If bitcoin continues to pull back, we probably can!
There is always a chance. The recent announcement by @steemitblog and potential change proposal gives a good outlook on how steem will perform over the next months in our opinion.
You think these changes will encourage people to buy more steem?
With good marketing and clear direction communicated to the users and investors, it is of course entirely possible.
Would be nice if they would spend some money on advertising/marketing for sure.
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Yeah i gain yesterday trade thanks bitcoin
Posted using Partiko Android
Yep, I think we all did. Looking for a $10k test very soon.
Short sellers getting rekt! The more it happens, the more hesitation to go short again!
Posted using Partiko iOS
Yep, get the shorts to throw in the towel... and let the FOMO begin!