NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Surges Past $7,100, Leaving $15 Million Worth of Burned BitMEX Shorts

Nick Chong
Nick Chong
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

After managing to retake $7,200 on the weekend, Bitcoin tumbled lower on Monday morning, falling as low as $6,800 in a move that liquidated $40 million worth of BitMEX long positions. With this, the cryptocurrency had tumbled 7% from the weekend highs and 9% from the $7,470 highs seen two weeks back.

This was a move that initially was a win for bears, but bulls aren’t letting them win that easily. Over the past 12 hours, Bitcoin has mounted a strong comeback, passing $6,800, $6,900, then $7,000. Now, the asset trades above $7,100, 5% above the local bottom.

Due to this latest surge higher, short positions have been affected.

Data from Skew.com, which tracks crypto derivatives (including the size of liquidations that take place on BitMEX), approximately $15 million worth of short positions on BitMEX have been liquidated over the past five hours amid this move.

Simultaneously, BTC-denominated open interest has started to drop, which suggests that shorts and longs are not adding to their positions as the price squeezes higher.

Bitcoin Rallies In Tandem With Oil

It seems once again that Bitcoin’s price action is basically a derivative of that of the U.S. stock market, which itself is being influenced by oil prices at the moment.

The S&P 500 is actually up 1.8% in the past 24 hours after posting its worst day in weeks, -3% on Tuesday, reversing after a $500 billion coronavirus bill that was passed by the U.S. Senate.

If stocks rally from here, Bitcoin will benefit. After all, the cryptocurrency, as found by the Federal Reserve’s Kansas City branch, has a running positive correlation with the S&P 500.

Could Be The Start of a Greater Rally

This may be the start of an even greater move higher.

Per previous reports from NewsBTC, crypto trader Nunya Bizniz remarked that Bitcoin’s chart from the February highs of $10,500 to now have formed a “classic BARR” bottom, marked by three textbook phases of a Lead-in, a Bump, then a Run.

As it stands, Bitcoin is in the third phase of the formation —technician Charles Bulkowski’s “best performer” out of 56 chart patterns — suggesting Bitcoin will trade as high as $10,000 by the start of May, just prior to the block reward halving.

There’s also an analysis by a crypto trader showing that every time the premium of Grayscale Bitcoin Trust (GBTC) fell substantially to a local low, the price of BTC found itself at a local bottom:

“Historically, it has been profitable to accumulate Bitcoin as GBTC premium visited its lows.”

Photo by Tunafish Mayonnaise on Unsplash
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

New Wall Street ETF Hypes Market: Get Best Wallet as Your Personal Treasury

A New Frontier in Crypto Investing: GSR’s Treasury-Company ETF Proposal Lifts Best Wallet Prospects

The world of crypto investing is changing. Companies are shifting from solely token-based assets to more sophisticated, equity-backed exposures. In...

Aaron Walker 3 hours ago

Ethereum: scontro tra analisti, Andrew Kang smonta la tesi di Tom Lee

Negli ultimi giorni si è acceso un forte dibattito su Ethereum (ETH). Da una parte, il famoso analista di Wall...

Orfeo Barone 4 hours ago
Bitcoin news

Bitcoin Days Away From Blowoff Or Cycle Top, Veteran Analyst Warns

Bitcoin is approaching a decisive inflection in its four-year cycle, with a euphoric “blowoff” advance likely to begin within days—or...

Jake Simmons 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

11 Wallets Receive 295,861 Ethereum ($1.19B) From Major Institutions: Accumulation Or OTC Shuffle?

11 Wallets Receive 295,861 Ethereum ($1.19B) From Major Institutions: Accumulation Or OTC Shuffle?

Sebastian Villafuerte 31 minutes ago
hyperliquid-vs-aster-accusation-complot-cz

Hyperliquid vs Aster : la vérité sur l’accusation de complot impliquant CZ

guillaumev 33 minutes ago
Ethereum Accumulator Addresses Inflows Explode: 400K ETH Added In 24H Despite Selloff

Ethereum Accumulator Addresses Inflows Explode: 400K ETH Added In 24H Despite Selloff

Sebastian Villafuerte 3 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の展望 ― 0.30ドル到達と「買うべきミームコイン」論争

    ドージコイン 今後の展望 ―...

    5 hours ago
  • リップル 今後の展望:RLUSDステーブルコインがマネーマーケットファンドに統合

    リップル...

    5 hours ago
  • 仮想通貨プレセール動向:次世代ビットコインレイヤー2が資金を集める

    ...

    5 hours ago
  • テザーが5,000億ドル規模の資金調達を計画、今注目すべき仮想通貨おすすめ

    ...

    5 hours ago
  • 新しい仮想通貨のプレセールが250万ドル目前、投資家が急増中

    ...

    6 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.