Bitcoin spiked a five day high today before falling back again. The leading cryptocurrency was trading at 10,500 earlier today. According to various reports, this short spike led to a $52 million worth shorts liquidation on Bitcoin margin trading exchange BitMEX.
This massive shorts liquidation has made it difficult for traders to change their positions. The reason that just a $300 raise in the Bitcoin caused this leap is baffling for traders as many analysts were envisioning $8,900-9,100 as a possible ‘buy zone’ for the leading cryptocurrency.
This move also gave momentum to some of the major large-cap altcoins such as ETH, XRP, Bitcoin Cash, Litecoin, and BNB. In the same period, BNB increased by 3%. However, it didn’t take much time for Bitcoin to retract. Few hours after the sudden hike, BTC lost half of its latest gains.
