In the past week, Bitcoin has rebounded strongly as it hit $45,000 on Tuesday for the first time since January and is up by approximately 12% as of the time of writing. The price rally is largely driven in part by the liquidation of several short positions accumulated in the monthly downward trend of cryptocurrencies.
“The current rise came after considerable range-bound price action that saw volumes drying and shorts increasing,” said Joe DiPasquale, chief executive officer at BitBull Capital,
However, after reaching the $45,500 mark, the Bitcoin/USD pair fluctuated by $1000 on intra-hour and even more later yesterday and today, circling close to $44,000 at the time of writing. While the move represents a resistance at the current price level, the latest surge before consolidation represents a breakout of a downtrend in place since Bitcoin’s last-time highs in November 2021.
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