RATE Group | Bitcoin Price Rips Past $9,000, Now Up 20% On the Day
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Bitcoin Price Rips Past $9,000, Now Up 20% On the Day

26 Oct Bitcoin Price Rips Past $9,000, Now Up 20% On the Day

Posted at 02:44h in Bitcoin News by

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Wow. Bitcoin (BTC) has continued to rip higher after the daily close on Friday. As of the time of writing this article, the leading cryptocurrency is trading for $9,200 — up nearly $2,000 since the weekly low at $7,350 established yesterday. This represents a 25% move in just around 36 hours. Crazy, right?

This is Bitcoin’s second large leg higher in under 24 hours. Previously, on Friday morning, the cryptocurrency surged by $800 from $7,700 to $8,500 in a surprise pump, which liquidated $150 million worth of shorts.

Related Reading: Bitcoin Macro Bullish After Transferring $11 Trillion in Wealth Over Past Decade

This move liquidated $80 million worth of BitMEX short positions, according to cryptocurrency analytics provider Skew.com.

Bitcoin Price Back At It

Traders are still coming to terms with this move. But, there are some preliminary analyses of this massive surge upward. Mayne noted that all things considered, the level which BTC is trading at should act as resistance, adding…

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