Everyone knew a breakout was coming. A tight trading pattern lasted for weeks, which is almost always a precursor to big activity, one way or the other. In the case of Bitcoin and most everything else in the crypto market over the past 24-hours, things went very positive.

Bears lost their stranglehold on the market and plenty of short positions were likely vaporized. Traders in recent weeks had become accustomed to movements of sometimes less than $100 in a whole day. Like as not, plenty of positions were primed for movements of that size. But virtually every market saw Bitcoin

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