RATE Group | BTC Pre-Halving Pump in Play as Bitcoin Price Surges Toward $8,000
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BTC Pre-Halving Pump in Play as Bitcoin Price Surges Toward $8,000

24 Apr BTC Pre-Halving Pump in Play as Bitcoin Price Surges Toward $8,000

Posted at 02:29h in Bitcoin News by

After trading in the $6,900 to $7,250 range for more than 19 days, Bitcoin (BTC) price finally managed to pierce the $7,250 resistance in a high volume surge which resulted in the liquidation of nearly $70 million worth of shorts at BitMEX. 

BitMEX XBTUSD Liquidations. Source: Skew.com

The strong upside move allowed the digital asset to secure a higher high at $7,738, a price not seen since before March 13 when the Bitcoin price crashed to $3,750. 

With just 18 days to go before the Bitcoin halving event, traders and hodlers will both be wondering whether this is the long awaited pre-halving pump or just another short squeeze that moved the price up a step before attempting to tackle $8,000. 

Crypto market daily performance. Source: Coin360

Some would conclude that the surge to $7,738 is important as it lessens the likelihood of Bitcoin dropping to recent lows below the $6,900 support. 

While true, $8,000 and $8,500 have long been expected to present considerable resistance and while…

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