• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
porsche image

Bitcoin Just Flew to $8,400, Leaving $40M of BitMEX Destruction In Its Wake

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Days of consolidation under $7,800 culminated an explosive move on Wednesday, which resulted in Bitcoin rallying from $7,700 to $8,400 within 12 hours’ time — an uptrend of nearly 10%.

Bitcoin price chart
Chart from TradingView.com

Bitcoin has seen an initial rejection at $8,400, a level of technical importance stretching back months, but it has held up well thus far at $8,300 just 60 minutes after hitting $8,400.

This resilience the cryptocurrency has seen thus far suggests bears were pushed out of their positions, and are staying out of their positions.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin Is Becoming a Buyers’ Market

Per data from Skew.com, which tracks crypto derivatives markets, just over $40 million worth of BitMEX short positions were liquidated in this controlled rally higher. Although a large sum of money, explosive moves in the BTC price liquidated many millions more over the past few weeks. 

With BitMEX’s data also registering a decrease in BTC-denominated open interest since the drop began and a series of positive funding rate prints, it would suggest that Bitcoin is becoming a buyers’ market, boding well for its trajectory.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

A crypto trader explained this concept quite well when he wrote the following in the wake of BTC tapping $8,400:

“I think that OI not rising here much with BTC is actually more bullish when taken in context with how it has regained these levels. […] There can still be a big herd rush of momentum when sidelined players catch up.”

Related Reading: The Odds Bitcoin Sees an Exponential Spike Are “Rapidly Increasing”: Here’s Why

Trend Flip Bullish as Technical Resistances Fail to Hold

Bitcoin’s ability to retake the levels it has in rapid succession have brought the cryptocurrency past key historical resistance levels, adding to the growing bull case.

As one crypto trader shared, the $7,800-8,100 zone was “bears’ last stand” due to the confluence of the following resistance levels in that region:

  • The 200-day simple and exponential moving averages
  • The yearly volume-weighted average price
  • The 61.8% Fibonacci Retracement of the $10,500 2020 top to $3,700 bottom.
  • The 21-week simple moving average
  • A so-called “orderblock” (or block of sell orders)
  • And the origin of the March 12th and 13th crash that brought BTC as low as $3,700

Now above these levels, Bitcoin has much less overhead resistance to worry about.

It’s important to point out that the cryptocurrency will need to register a daily close above $8,100 to begin the process of invalidating these resistance levels.

This positive technical occurrence comes as Bitcoin’s block reward reduction has just become two weeks away. Although the bullish narrative around the halving has recently been questioned by analysts, the arrival of the event could catalyze an influx of BTC buying pressure.

As reported by NewsBTC on an earlier date, there’s data from Google Trends and from on-chain analytics companies to suggest that the Bitcoin halving is causing new investors to enter the industry and old investors to accumulate more coins.

Photo by Gabriel Gurrola on Unsplash
Tags: BitMEXbtcusdliquidationtechnical analysis
Tweet123Share245ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

2 days ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

2 days ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

2 days ago
Bitcoin US Government

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

2 days ago
Bitcoin bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

2 days ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Bashar DAO Launches BASHAR Token: For the Betterment of the Arab Region

March 26, 2023

Futures of metaverse tokens like The Sandbox (SAND), and Decentraland (MANA) are very blurry, while Defi Giant RenQ Finance (RENQ) remains the hottest crypto of 2023

March 26, 2023

TMS Network (TMSN) Poised to Become the Next 1000x Token, Magic (MAGIC) Down 8.38%, and Binance (BNB) among the few Cryptos with an Exciting Future

March 26, 2023

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.