Saturday, 04 July 2020

3.5 Million BTC Shorts Liquidated on BitMEX, Will BTC Break 10k?

As the bear markets slowly recover, BitMEX is seen to have liquidated more than $3.5 million short contracts with about 54% of this volume occurring within the last 6 hours. Meanwhile, Bitcoin is seen to be recovering from the steep price fall that began about 48 hours ago. Now, trading at $9,918, up 3.25% within the last 24 hours, BTC is rapidly aiming for the $10k mark once again.

Can Bitcoin Surpass $10k Soon?

Bitcoin (BTC) is known to many investors as having high market volatility and price fluctuations. Within the last few days, bitcoin had fallen steeply to break major resistance at the $10k mark. The price fall continued into the mid-way line between $9,000 and $10,000 as bitcoin was seen trading around $9,463 on Sunday. The cryptocurrency changed direction, suddenly turning into a bull trend and now approaching the $10k level again and analysts are weighing in on a possibly bullish outbreak.

The ongoing BTC pushup is looking more likely to reclaim a dominance above $10k today. Speaking on the ongoing BTC price consolidation, Luke believes that the longer BTC stayed in a bearish condition, the healthier a bull return would most likely be. In his bull case prediction, BTC is aiming a breakout to around $10,200 to $10,300 area. He used a 4-hour BTC price chart to show the validity of his prediction.

The community is showing a mix of enthusiasm and fear towards this remarkable reversal that BTC has shown within the past 24 hours. On Twitter, in a 24-hour price poll to which community members are responding, choosing between BTC having a stoppage at either $9500 or $10,100 over one thousand respondents have shared their votes equally. This indicates that the tug-of-war between the present bullish and its corresponding bearish trend is evenly distributed.

Massive Leverage Might Still Be Ongoing On BitMEX

As the Bitcoin bull frenzy is currently taking over trading activities, a massive short liquidation was also seen to have been executed on BitMEX. Within the last 6 hours, up to a $1.9million worth of short contracts have been liquidated on the derivative exchange platform as total figures soar high to around $3.5 million within the last 12 to 24 hours.

BitMEX is currently under strict investigation by United States’ top financial regulator, CFTC. The exchange derivative platform is majorly reputable for the crypto derivatives trading feature.

Since the beginning of this year, BitMEX has seen an increase of up to 50% in its insurance funds. At the moment, the derivative exchange has an approximate value of $314 million, or the equivalence of 31,300 bitcoins representing 0.15% of BTC’s total supply.

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