RATE Group | BREAKING: $55m liquidated as Bitcoin enjoys bullish breakout
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BREAKING: $55m liquidated as Bitcoin enjoys bullish breakout

29 Apr BREAKING: $55m liquidated as Bitcoin enjoys bullish breakout

Posted at 14:20h in Bitcoin News by

Bitcoin has officially broken out above the $8,000 level of resistance with a stunning 7.86% rally over the past 24-hours.

At the time of writing the world’s largest cryptocurrency is trading at around $8,350 with a potential upside price target emerging at $8,830.

A grand total of $55 million in short positions have now been liquidated on derivatives exchange BitMEX, according DataMish.

Bitcoin is now trading back above the daily 200 moving average for the first time since early March to indicate a clear shift in sentiment and optimism leading up to the block reward halving.

With the halving being less than two weeks away traders are clearly attempting to enter the market before supply is suppressed.

The halving will see rewards for miners slashed from 12.5BTC per block to 6.25BTC per block in an event that has historically been very bullish for Bitcoin and all cryptocurrencies.

The previous halving commenced in 2016 and what followed was the most extreme bull market witnessed…

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