Bitcoin
A quiet climb rose to its highest price in June on Monday, down from last week’s decline to nearly an all-time high.
The largest cryptocurrency rate has increased by 3.7% in the past 24 hours to as high as $110,000 and has changed hands by just 2% from the record price observed in May. Ethereum’s Ethereum
During the same period, keep pace at 3.8%, bounced to over $2,620. Natural symbol of maturity SUI outperformed most large cryptocurrencies, up 7% and 4.5% respectively.
Bitcoin’s moves higher leverage traders caught off guard and liquidated short positions worth more than $110 million in one hour, Coinglass data show. Of all crypto assets, about $330 million in shorts were liquidated during the day, the most in a month. Shorts try to profit from lowering asset prices.
The move happened when the traditional market showed soft moves when the S&P 500 and Nasdaq indexes were flat on the day. Crypto-related stocks bounced during the meeting to catch up with BTC’s recovery over the weekend.
“‘Peaceful rally’ is the perfect way to describe this price action,” said Caleb Franzen, founder of Cubic Analytics. “Just a consistent development of high and higher lows. Any signs of weakness? Buyers stepped in and defended the trend.”
Bitcoin fell to nearly $100,000 after 10% of Bitcoin fell to nearly $100,000, and the cryptocurrency market is now in steady state after liquidation volumes in crypto derivatives over $1.9 billion in leverage over the past week, Bitfinex analysts pointed out in a Monday report.
However, the on-chain data suggests that long-term holders are under increasing sales pressure, which could overwhelm demand, analysts added.
Bitfinex Notes added: “Bitcoin is now at a crossroads – balancing between structural support and weakening bullish momentum, waiting for its next macro prompt.”
OTC Trader Jake O of crypto trading company Wintermute noted that these macro catalysts could appear later this week.
“We and China Trade Representatives are scheduled to meet today, and the market may be sensitive to any headlines after the positive momentum last week, and the data calendar continues until Wednesday, when the CPI will provide new insights into U.S. inflation,” he said.
Updated (June 9, 21:51 UTC): Added Coinglass’ short clearing data.
