RATE Group | Bitcoin Price Surges by 9 Percent in Minutes. What Triggered the Move?
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Bitcoin Price Surges by 9 Percent in Minutes. What Triggered the Move?

18 Jul Bitcoin Price Surges by 9 Percent in Minutes. What Triggered the Move?

Posted at 20:51h in Bitcoin News by

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On June 18, within minutes, the bitcoin price climbed from $9,300 to over $10,500 across major crypto exchanges, triggering the entire market to recover swiftly.

The bitcoin price jumps by more than $1,000 within minutes in an abrupt rebound
The bitcoin price jumps by more than $1,000 within minutes in an abrupt rebound. | Source: coinmarketcap.com

Analysts have generally attributed the abrupt surge in the bitcoin price to the occurrence of a short squeeze on margin trading platforms like BitMEX.

Big Short Squeeze: Is It Sustainable for Bitcoin?

On margin trading platforms, a short squeeze occurs when a large buy order triggers many short contracts to become liquidated, pushing the bitcoin price up temporarily.

According to Alex Krüger, a global markets analyst, bears or sellers were in control of the bitcoin market throughout the past several days until the short squeeze happened, which was difficult to anticipate with conventional technical analysis.

“Bitcoin just moved by more than nine percent in four minutes. That’s how trends die. Bears were in control…

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