Bitcoin prices are currently rising, with some exchanges reporting that the digital commodity has reached a high of $40,000. BTC futures hit $48,000 on Binance, pushing the price of the cryptocurrency even higher.
Bitcoin has increased by 14% in the last 6 hours, according to Tradingview. After a 7 percent gain in the previous 24 hours, it has again retreated to trade at $38,300 at the time of writing.
Bitcoin surged out of a trading range around $32K early on Saturday, pushing up to a two-week high of over $34K. It grew from there, culminating in the tremendous increase that occurred over the last hour or so.
Liquidation of Bitcoin Shorts
Bitcoin prices have already been above the 50-day moving average and are aiming for resistance near $41,000, where prior highs were set. If there is a break above here, things might move very swiftly higher.
Jonny Moe, a trader, and analyst had this to say about the move:
“BTC is aiming towards the 50d, which is a significant challenge. Since May 10th, I haven’t been above it. The last time we got above $11k was on October 8, 2020, when we went from $11k to $65k.”
More than $110 million in short positions were liquidated in under ten minutes, according to Glassnode data:
In ten minutes, $111 million in shorts were liquidated.
Over $38 million was liquidated on BitMEX and 255 BTC was liquidated on Bitfinex in the last few hours, according to Datamish.
On the other hand, on the Crypto Markets
Elon Musk is at it again, this time promoting Dogecoin, which has also made a big move. DOGE has risen 9% in the last 24 hours, peaking at $0.217 before reversing.
Following several weeks of bearish movement, Ethereum is also gaining traction. ETH prices peaked around $2,400 an hour or two ago before falling to slightly below $2,300 at the time of writing. ETH is currently up 7% on the day and up 20% in the last week.
At the moment, all of the high-cap crypto assets are in the green as Bitcoin pushes them higher. Cardano, Polkadot, Litecoin, and Chainlink are among the coins benefiting from the market’s momentum.
As purchasers pile in, the stablecoins have largely dropped off their pegs. On the day, total market capitalization increased by 10% to $1.56 trillion, the highest level in three weeks.