This latest move may be small in percentage terms but analysts say it\u2019s important from a technical standpoint. One trader, in fact, commented that once Bitcoin decisively clears past $9,500, he doesn\u2019t see \u201cmuch stopping us\u201d until $10,500.<\/p>\n
Due to the importance of the $9,500 resistance, millions were liquidated during this move.<\/p>\n
According to Skew.com<\/a>, a derivatives data tracker, approximately $23 million worth of BitMEX short positions (and some long positions) have been liquidated in the past four hours. This coincides with the move from the ~$9,400 region to $9,800.<\/p>\n This is notably a smaller bout of liquidations than previous moves, as short positions have largely been underleveraged since last week’s surge from $7,500 to $9,000.<\/p>\n Although likely a coincidence, Bitcoin surged from $9,500 to $9,700 when the news was released that a top macro investor is buying cryptocurrency.<\/p>\n According to<\/a> a prominent crypto trader with access to a Bloomberg Terminal, the outlet just reported that Paul Tudor Jones is buying Bitcoin futures, calling BTC the “fastest horse” in terms of investments.<\/p>\n Paul Tudor Jones is an American hedge fund manager known for making macro calls.<\/p>\n According to a note from the investor, he sees Bitcoin as a good hedge against the impending inflation that could be catalyzed by central bank money printing, noting how BTC looks similar to how gold did in the 1970s, prior to 15%-per-year inflation.<\/p>\n BBG: Paul Tudor Jones buys Bitcoin, says reminded of gold in the 70s pic.twitter.com\/s5gmhDWqmb<\/a><\/p>\n — light (@lightcrypto) May 7, 2020<\/a><\/p><\/blockquote>\n![\"BitMEX](\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/skew_bitmex_xbtusd_liquidations-8.png?resize=860%2C480\")
Bitcoin Gets Massive Buy Recommendation<\/strong><\/h2>\n
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