RATE Group | Market Wrap: Short Seller Liquidations Help Push Bitcoin Beyond $9,500
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Market Wrap: Short Seller Liquidations Help Push Bitcoin Beyond $9,500

28 May Market Wrap: Short Seller Liquidations Help Push Bitcoin Beyond $9,500

Posted at 23:49h in Cryptocurrency News by

Bitcoin broke through $9,500 Thursday and those short sellers betting on lower prices got liquidated by some crypto derivatives exchanges. That also helped push the world’s oldest cryptocurrency higher.    

As of 20:50 UTC (4:50 p.m. ET), bitcoin (BTC) was trading at $9,447, up 2.9% over the previous 24 hours. Trading seems to support a higher upward climb with a large session of buying around 12:00 UTC (8 a.m. ET) briefly pushing price to as high as $9,526 on exchanges including Coinbase. Bitcoin’s price continued its rising trend from Wednesday, well above its 10-day and 50-day moving averages, a technical analysis signal of bullish sentiment. 

“A breakout above $10,055 would be a catalyst for significant upside in our work, and support is now defined by the 200-day moving average, which is now at $8,377,” said Katie Stockton, an analyst that covers global markets at Fairfield Strategies. 

btcmay28
Bitcoin trading on Coinbase since May 26
Source: TradingView

Stockton doesn’t…

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