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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Bitcoin Just Surged to $6,500 After Over 10% Weekend Crash

Nick Chong
Nick Chong
1 year ago
1 min read
Bitcoin

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In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC).

Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According to him, this means “bulls [are] getting levered up here,” potentially setting the stage for a long squeeze in the future.

Analysts are currently divided over what this means for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the fact that it slipped below a number of supports as if it was a hot knife going through butter.

According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is likely to retest $8,000 in the near future.

https://twitter.com/ThinkingUSD/status/1243970551443607552

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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.

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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.

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