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Wow. Bitcoin (BTC) has continued to rip higher after the daily close on Friday. As of the time of writing this article, the leading cryptocurrency is trading for $9,200 — up nearly $2,000 since the weekly low at $7,350 established yesterday. This represents a 25% move in just around 36 hours. Crazy, right?
This is Bitcoin’s second large leg higher in under 24 hours. Previously, on Friday morning, the cryptocurrency surged by $800 from $7,700 to $8,500 in a surprise pump, which liquidated $150 million worth of shorts.
Related Reading: Bitcoin Macro Bullish After Transferring $11 Trillion in Wealth Over Past Decade
This move liquidated $80 million worth of BitMEX short positions, according to cryptocurrency analytics provider Skew.com.
Bitcoin Price Back At It
Traders are still coming to terms with this move. But, there are some preliminary analyses of this massive surge upward. Mayne noted that all things considered, the level which BTC is trading at should act as resistance, adding that he is definitely “looking for a potential pullback here to buy the dip.”
There is a good level here that SHOULD act as resistance. I'm not shorting this, but definitely would look for a potential pullback here to buy the dip. pic.twitter.com/bDw0btU8jq
— Mayne (@Tradermayne) October 26, 2019
This comes shortly after analysts claimed that bullish continuation was likely. Per previous reports from NewsBTC, Nik Jaremczuk, a Bitcoin researcher and on-chain analyst, has gone as far as to say that this move has solidified his opinion that “BTC price will not return to $7k,” before adding that he could see Bitcoin rallying to $11,300 after a breakdown of a descending trend line.
Right now, the bullish momentum has paused. But considering what has transpired over the past day, it would be hard to guess exactly what comes next.
Featured Image from Shutterstock
