bitcoin (BTC/USD) reached a high of $21,321 on coinbase The bulls advanced on a breakout above $20,000 early on Saturday. This was the first time since the brutal dump in November following the collapse of FTX that the bitcoin price had registered such gains.
The flagship cryptocurrency has recorded seven consecutive green candles on the daily chart, with a break above $17,000 on Sunday, January 8, 2023.
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Bitcoin Price Reaches Pre-FTX Dump Level
pseudonymous crypto trader mag They say Bitcoin has recovered all losses recorded during the FTX dump, and the best case scenario for the benchmark crypto will be for BTC to continue to $25,000 without revisiting $18,700. The analyst tweeted:
,$BTC is back in the previous range and very close to the mid-range ($21.5k), price has also engulfed the entire FTX dump. The best case scenario would continue to $25k without a retest of $18.7k.,
Scott Melker aka The Wolf of All Streets also points to a breakout above $20,000 for Bitcoin as he is likely to see BTC price test the resistance zone at $22,800 and then around $25,000. The crypto trader and analyst shared the chart below on Twitter.
Bitcoin is currently trading around $20,700, still up over 9% over the past 24 hours.
Over $725 million of shorts were liquidated in 24 hours
According to crypto data tracker CoinGlass, the double-digit rally in BTC and major altcoins over the past 24-hours has seen over 133,665 traders.
For example, Ethereum price reached a high of $1,565 on major digital trading platforms, with coins such as Binance Coin, Solana, Dogecoin, Polygon and Polkadot hitting multi-month highs.
By 07:20 ET on January 14th, total liquidation The largest single 24-hour liquidation was $725.39 million on cryptocurrency exchange Huobi, with a total of $6.8 million.
Among various digital assets, Ethereum saw the most liquidations in the past 24-hours at around $260 million, while shorts worth around $239 million were liquidated amid bitcoin’s rally.
CoinGlass data also showed that Solana, Dogecoin, Aptos and Litecoin all saw a large number of traders.
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