Bitcoin has seen another explosive move in the past 24 hours. As of the time of this article’s writing, the leading cryptocurrency has pressed higher to $11,800 for the first time in approximately a year.
This means that on the week, BTC has gained around 20%. And in the past day alone, Bitcoin has gained 4% — the best one-day performance since the rally from the $10,000s to $11,500 on Monday.
Bitcoin’s latest leg higher has been marked by an influx of liquidations of cryptocurrency margin platforms. According to Skew.com, a crypto derivatives portal, more than $5.3 million worth of BitMEX shorts have been liquidated in the past alone. This adds to the dozens of millions more that have been liquidated in the past 72 hours as BTC has shot higher.
Although some expect BTC to crack $12,000 in the hours ahead, an analyst has noted that Bitcoin has formed a textbook bear signal. But that’s not to say that it will undergo a correction.
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