RATE Group | Here’s Why Bitcoin Price Just Spiked to $7.3K, Liquidating $90M
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Here’s Why Bitcoin Price Just Spiked to $7.3K, Liquidating $90M

02 Apr Here’s Why Bitcoin Price Just Spiked to $7.3K, Liquidating $90M

Posted at 19:11h in Bitcoin News by

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The Bitcoin (BTC) price spiked from $6,900 to $7,300 across major cryptocurrency exchanges, liquidating $90 million on BitMEX and Bitfinex alone.

While several traders anticipated the Bitcoin price to see a strong upsurge as it breaks out of the $6,900 resistance level, the abrupt upsurge to $7,300 caught many technical analysts off guard.

What happens next to Bitcoin?

The Bitcoin price is often susceptible to large downside movements as seen on March 12, when the price dropped to $3,600 from $8,000 on a single day.

Bitcoin tends to see overextended price movements because of the concentration of its volume in the futures market. According to the data from Bitwise Asset Management, the verifiable 24-hour spot volume of Bitcoin is estimated to be around $1.5 billion. 

In contrast, BitMEX alone has processed $2.9 billion in the last 24 hours, with Binance Futures, OKEx, Huobi, Bybit and Deribit also seeing high volumes across top cryptocurrencies including Bitcoin and Ethereum.

On…

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