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As bitcoin (BTC) again hit the crucial barrier of $ 10,000 USD Monday night (UTC time), the BTC chart is showing signs of what could be a major breakthrough after a series of failed ascent attempts.
At pixel time (05:22 UTC), bitcoin has risen 5.6% in the past 24 hours, trading at a price of 10093 USD. Last night’s gains came after a week of strong upward momentum for digital asset number one, pushing the price up more than 13% in the past 7 days.
The other top 10 coins are up about 3% -7% in one day, while total market capitalization has increased 5% to almost $ 286 billion.
The breakout visible in the bitcoin chart occurred after the daily price candle (UTC time) closed above the previous highs of May 7 and May 19, respectively. After a slight downward correction on Tuesday morning, bitcoin is still above these highs, which could be seen as a sign of strength.
The upward breakout of bitcoin was also spotted by popular financial commentator Raoul Pal of Real Vision Group, who shared with his subscribers a table with the comment “No big deal. Here is the bitcoin exploding… ”
And here, it’s on a logarithmic scale … it’s the largest graph model to date … pic.twitter.com/WSNYLLvvrT
– Raoul Pal (@RaoulGMI) June 2, 2020
On the main exchange of crypto derivatives BitMEX, the breakout caused a large number of “purchase liquidations” at around 11:00 p.m. UTC yesterday, with USD 146 million in purchase liquidations between 23:00 and midnight.
A buyout occurs when traders who bet the market fall at a loss, and are forced by the stock market to buy bitcoin to cover their short positions, sometimes pushing the price higher in the process.
“Cryptocurrencies have weathered the panic selling storm that took place in March and appear poised to benefit from a broad spectrum of growing institutional interests,” said Edward Moya, senior market analyst at Oanda, Told Bloomberg. According to him, ethereum (ETH) and bitcoin cash (BCH) “also seem to have greater upside potential”.
In addition to a wave of activity in the market derivatives sector, spot trading on Coinbase also appears to have been affected by soaring prices again, with the exchange reports that he experienced “connectivity problems” for about 45 minutes Monday evening.
According to Coinbase’s status page, the incident involved “increased latency” on the platform, which the stock market started studying at 23:14 UTC, just as the market started to pump higher.
You guys kill the race every time. I’m done with Coinbase.
– Tom Hora (@tomjhora) June 2, 2020
Also look at Gold vs Bitcoin. From this graph breaks above, it will energize Bitcoin.
– Michael Novogratz (@novogratz) June 2, 2020
It is the first time that I have not been enthusiastic about the idea of ”going up in numbers” for bitcoin.
We need a dramatic and immediate leadership change in the United States, or we are really in trouble.
– Ryan Selkis (@twobitidiot) June 1, 2020