Within the previous 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% compose from the $5,800 bottom considered on Sunday night time (UTC).
Because of the this pass, the BitMEX funding price on the Bitcoin (XBT) contract surged by 990%, in line with files from Joe McCann, a cryptocurrency vendor and AI/cloud specialist at Microsoft. In conserving with him, this means “bulls [are] getting levered up right here,” doubtlessly atmosphere the stage for a long squeeze sooner or later.
Analysts are at repeat divided over what this means for the cryptocurrency; upright 24 hours ago, many had been charting a pass to the low-$5,000s, citing the truth that it slipped below a alternative of supports as if it was as soon as a scorching knife going by device of butter.
In conserving with prominent crypto vendor Flood, who called the latest pass from $6,800 $6,200, Bitcoin is probably going to retest $8,000 within the near future.
We shorted, now we long to 8k pic.twitter.com/zmYQm2psQZ
— Flood [BitMEX] (@ThinkingUSD) March 28, 2020
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