RATE Group | Did Bitcoin Price Rally to $8600 Because of BitMEX Liquidations?
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Did Bitcoin Price Rally to $8600 Because of BitMEX Liquidations?

14 Jan Did Bitcoin Price Rally to $8600 Because of BitMEX Liquidations?

Posted at 06:03h in Bitcoin News by

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Bitcoin price has made another big move a couple of hours ago as it pulls out of short term consolidation and tapped a two month high. The move came after another mass liquidation of shorts on BitMEX to the tune of almost $40 million. 

Bitcoin Price Closes on $8,600

After a three day period of consolidation around the $8,100 bitcoin started to move again. Within a couple of hours, BTC had broken through resistance at $8,400 and carried on higher to tap a two month high just below $8,600 according to Tradingview.com.

bitcoin

Bitcoin has now hit its highest price for the year and has recorded a gain of 20% since New Year’s Day. Technical signals are now turning bullish, one of them is the daily Ichimoku Cloud as noted by crypto traders.

The resistance currently lies around $8,600 where bitcoin appears to have halted…

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