Bitcoin’s explosive rally past $10,000 yesterday afternoon liquidated tens of millions in short positions
The decline from this level seen this morning also led to mass liquidations amongst traders
It is imperative to note that virtually all previous breaks above this level have been met with heavy selling pressure that results in capitulatory downtrends
One factor that could spell trouble for Bitcoin is the fact that funding rocketed following the recent rally
Bitcoin saw a sharp movement yesterday afternoon that allowed it to climb from the mid-$9,000 region to highs of $10,400.
This surge came about unexpectedly and led BTC to shatter the heavy resistance that it was previously facing between $9,700 and $10,000. Following this breakout, the crypto declined to lows of $9,000.
One byproduct of yesterday’s fleeting rally was a…
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