By Hassan Mehmood (Saudi Arabia)
Bitcoin, after surpassing the psychological level of $10,000, reached above $11,000. After claiming such a high level since the start of the year, analysts say that Bull run has started and get yourself ready for it.
Next Goal: $20,000
On July 27, Bitcoin was trading at $10,000, but it broke out and rallied above $11,000. Some even seem more bullish about the top digital asset and are expecting $20,000 the next goal. Prominent YouTuber and Influencer in the cryptocurrency Community The Moon said,” $10,500 is broken, the journey to $20,000 has begun Fire.”
Similarly, Charles Edwards from digital asset management firm Capriole Investments said:
“This huge $2000 move in #Bitcoin is all the more sweet given it was done with Gold, not stocks. In a tumultuous year, Bitcoin is proving itself a safe haven. Crushing all other asset classes and up over 50%. You just have to be patient.”
Image via Twitter
Liquidation on Derivatives Platforms
Daily trading volume has also jumped higher in the past 24-hours. Not only bulls are active but sellers are also busy who believe Bitcoin cannot go up with so much high pace. On derivatives platforms, Bitcoin shorts worth millions of dollars liquidated in the previous 24-hours. For instance, a crypto trader claims that BTC short positions worth $500 million liquidated on various platforms including Binance (125 million), BitMEX (124 million), Huobi (102 million), OKEx (95 million), Bybit (52 million), and Deribit (13 million).
Also read:One BTC trader shared a chart that shows weekly RSI 60 turned from resistance to support. He said:
“The previous Bitcoin bull market started when we flipped the weekly RSI 60 from resistance to support. Every time we dropped below the weekly RSI 60, it was a perfect buy-the-dip opportunity. What if this happens again? Right now, we are trying to crush the RSI 60 line…”
The rising tensions between two superpower countries- the United States and China- have also pushed investors towards safe-haven assets such as gold and Bitcoin.
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