{"id":422244,"date":"2020-04-29T14:41:23","date_gmt":"2020-04-29T14:41:23","guid":{"rendered":"https:\/\/wncen.com\/?p=422244"},"modified":"2024-06-11T13:48:05","modified_gmt":"2024-06-11T13:48:05","slug":"bitcoin-just-flew-8400-leaving-40-million-bitmex-destruction-in-its-wake","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-flew-8400-leaving-40-million-bitmex-destruction-in-its-wake\/","title":{"rendered":"Bitcoin Just Flew to $8,400, Leaving $40M of BitMEX Destruction In Its Wake"},"content":{"rendered":"

Days of consolidation under $7,800 culminated an explosive move on Wednesday, which resulted in Bitcoin rallying<\/a> from $7,700 to $8,400 within 12 hours’ time \u2014 an uptrend of nearly 10%.<\/p>\n

\"Bitcoin
Chart from TradingView.com<\/figcaption><\/figure>\n

Bitcoin has seen an initial rejection at $8,400, a level of technical importance stretching back months, but it has held up well thus far at $8,300 just 60 minutes after hitting $8,400.<\/p>\n

This resilience the cryptocurrency has seen thus far suggests bears were pushed out of their positions, and are staying out of their positions.<\/p>\n

Bitcoin Is Becoming a Buyers’ Market<\/strong><\/h2>\n

Per data from Skew.com<\/a>, which tracks crypto derivatives markets, just over $40 million worth of BitMEX short positions were liquidated in this controlled rally higher. Although a large sum of money, explosive moves in the BTC price liquidated many millions more over the past few weeks.\u00a0<\/a><\/p>\n

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With BitMEX’s data also registering a decrease in BTC-denominated open interest since the drop began and a series of positive funding rate prints, it would suggest that Bitcoin is becoming a buyers’ market, boding well for its trajectory.<\/p>\n

A crypto trader explained this concept quite well when he wrote<\/a> the following in the wake of BTC tapping $8,400:<\/p>\n

“I think that OI not rising here much with BTC is actually more bullish when taken in context with how it has regained these levels. […] There can still be a big herd rush of momentum when sidelined players catch up.”<\/p><\/blockquote>\n

Related Reading: The Odds Bitcoin Sees an Exponential Spike Are \u201cRapidly Increasing\u201d: Here\u2019s Why<\/a><\/h6>\n

Trend Flip Bullish as Technical Resistances Fail to Hold<\/h2>\n

Bitcoin’s ability to retake the levels it has in rapid succession have brought the cryptocurrency past key historical resistance levels, adding to the growing bull case.<\/p>\n

As one crypto trader shared<\/a>, the $7,800-8,100 zone was “bears’ last stand” due to the confluence of the following resistance levels in that region:<\/p>\n