Just 24 hours ago, Bitcoin surged above $10,000 for the first time in weeks in a move that shocked the market. During the rally, over $100 million worth of short positions were liquidated as the asset jumped nearly $1,000 higher within an hour.
But just as fast as BTC has rallied, it has reversed.
As reported by Bitcoinist previously, the asset was hit with a barrage of sell orders that took the asset as low as $8,600 on BitMEX. The sell orders took Bitcoin more than $1,500 down in three minutes, liquidating another $100 million in derivatives positions in the process.
Image from Skew.com showing the value of BitMEX liquidations over the past few days.
Bitcoin Uptrend Still Intact, Analyst Says
Bitcoin’s drop today was devastating for bulls. The cryptocurrency fell back below the $10,000 psychological support, while the bullish momentum that came from the day earlier was lost.
Yet according to a prominent chartist the uptrend “looks intact.”
Nunya Bizniz shared the image below that illustrates this. It shows that today’s price drop ended exactly where a technical uptrend formed after the $3,700 March 2020 lows is, suggesting that bulls remain in control from a medium-term perspective.
Price chart showing Bitcoin is still in an uptrend from popular chartist Nunya Bizniz (@pladizow on Twitter).
While the uptrend may be intact, Bitcoin is still under a crucial resistance level: $10,500.
$10,500 is the point at which Bitcoin failed to pass twice in the past 12 months: once during the “Xi Pump” and another time during February’s rally to $10,500.
The fact that BTC has failed to break this level after successive takes at breaking it shows that the crypto market is not yet out of the woods.
Robert Sluymer of Fundstrat Global Advisors, for instance, recently made the following comment on the importance of the level:
“Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week sma) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-dma.”
Fundamentals Are Still Leaning Bullish
Whatever the case, the fundamentals of Bitcoin remain bullish.
Financial analyst and author Preston Pysh identified three such fundamental factors that suggest a further rally in the price of Bitcoin is in the works. These factors are as follows:
Through Grayscale’s Bitcoin Trust, institutional investors have been stacking a vast amount of Bitcoin since the halving and even prior to that.
The Chinese yuan has started to fall against the U.S. dollar to lows not seen since 2019 due to Hong Kong tensions. The U.S. is looking to impose sanctions on China because a new law threatens the autonomy of Hong Kong, analysts say. BTC may act as a safe haven in this scenario, just as it did when the yuan devalued in 2019.
The U.S. dollar and financial system may be reaching a point where it will “break” due to macro trends, according to Pysh. This would force the creation of a new financial system.
Featured Image from Shutterstock
Tags: XBTUSD, BTCUSD, BTCUSDT origin »
Over $112 million in Bitcoin longs vanished as BTC plunged below $90,000 ahead of the FOMC minutes. Analysts warn the sell-off may extend toward $70,000 amid fading rate-cut expectations and accelerating ETF outflows.
Bitcoin Magazine
El Salvador Drops $100 Million on Bitcoin as Market Crashes
El Salvador just spent $100 million on over 1000 bitcoin as the country presses ahead with its aggressive Bitcoin accumulation strategy.
Bitcoin Magazine
Cathie Wood Lowers Bitcoin 2030 Target To $1. 2 Million as Stablecoins Gain Popularity
ARK Invest CEO Cathie Wood lowered her 2030 Bitcoin forecast from $1. 5 million to $1.
The idea of Bitcoin hitting $1 million, once just loud talk from the market's fringes, is now being quietly modeled in Wall Street's corner offices. This isn't about hype; it’s about a pattern.
Crypto market today: key points. XRP has probably completed a major bullish retest. Ethereum price prediction raised to $25,000. Mike Novogratz predicts $1 million Bitcoin.
Bitcoin's price could soar to $1 million due to the global money supply doubling and increasing liquidity, making it more sensitive to capital inflows. The surge in fiscal policies supports Bitcoin as a hedge against fiat debasement.
The Japanese top corporate Bitcoin holder is doubling down on its treasury strategy with another major buy. On July 14, 2025, the Tokyo-based investment company announced the acquisition of an additional 797 Bitcoin (BTC) for approximately $93.6 million. The purchase…
Video platform Rumble has acquired approximately 188 Bitcoin for $17.1 million, averaging $91,000 per coin. This purchase comes as part of its Bitcoin (BTC) treasury strategy. The company announced a plan to allocate up to $20 million to Bitcoin, emphasizing…
Tesla’s Bitcoin bet is paying off in a big way. The electric vehicle giant reported a $600 million unrealized gain on its Bitcoin holdings in Q4 2024, thanks to a new accounting rule update that allows companies to reflect fair market value for their crypto assets.
[Update Jan. 13, 11. 15: Since publishing, Bitcoin has continued to fall below $92,000 increasing liquidations to $418 million with $349 million in long positions. ] Bitcoin’s recent volatility triggered $311.
Russia’s $95 million Bitcoin liquidation, linked to a crypto bribery case, highlights legal hurdles and potential market volatility.
The post Russia to Sell $95 Million Worth of Bitcoin Amid Infraud Hacker Group Fallout appeared first on BeInCrypto.
JAN3 joins tech and publicly listed companies in fully adopting Bitcoin and expanding its adoption. On its blog, the company shared that it has raised $5 million in funds, which it plans to use to develop and expand its AQUA Wallet.
Energy company KULR Technology Group unveiled the start of its Bitcoin (BTC) treasury on Dec. 4 by acquiring 217. 18 BTC for approximately $21 million, at an average purchase price of $96,556. 53 per Bitcoin.
A major player in the cryptocurrency market found itself on an unusual side of history after experiencing its largest outflows in months. Related Reading: Fed Can’t Hold Bitcoin, No Plans Yet To Change Law, Powell Says The leading asset manager BlackRock ended the inflow streak of its Bitcoin exchange-traded fund after recording a $72.7 million […]
Accelerating ETF inflows, dwindling exchange supply, and potential U.S. strategic reserves are setting the stage for unprecedented Bitcoin scarcity—making even a $1 million price target suddenly plausible.
Bitcoin miner MARA Holdings has completed an $850 million debt offering through a private issuance of zero-coupon convertible senior notes due 2031. According to a Dec. 4 announcement, the firm has secured approximately $835.1 million in net proceeds after deducting…
Genius Group Limited, an education and AI firm based in Singapore, has expanded its Bitcoin-focused strategy by acquiring an additional $1.8 million worth of Bitcoin. This acquisition brings the company’s total holdings to 172 Bitcoin (BTC), valued at $15.8 million,…
In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump.
After a major price rally, Bitcoin came within 2% of its seven-month high at $73,750. This surge followed a $500 million inflow into ETFs and growing optimism around the potential election of BTC supporter Donald Trump.
Kaspa (KAS) has established a new record in the proof-of-work blockchain space, processing 16 million transactions worth $39. 83 million within 24 hours. According to King Crypto on X, these numbers surpass the combined all-time transaction highs of Bitcoin, Ethereum Classic, Litecoin, Dogecoin, and Bitcoin Cash by 2.
Bitcoin ETF saw $809. 5 million in net inflows across the last two trading days. Fidelity alone received $356 million worth of Bitcoin, according to Farside data. On Oct. 11, Bitcoin ETF net inflows totaled $253.
Spot Bitcoin ETFs launched the fourth quarter of 2024 on a turbulent note ending the week with a net negative outflow of over $300 million. This development occurred in tandem with Bitcoin’s bearish start to October in which it declined over 6% in the first five days of the month.
Spot Bitcoin exchange-traded funds in the U. S. recorded outflows of over $300 million this week as global macroeconomic events sparked uncertainty over short-term direction. After closing the historically bearish September with over $1.
Bitcoin price held steady above $60,000 on Thursday, Aug. 29, even as its exchange-traded funds saw two consecutive days of outflows. Data from SoSoValue shows that Bitcoin (BTC) ETFs lost $105.19 million in assets on Wednesday after shedding $127 million…
U.S. spot Bitcoin ETFs saw $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since August 6th. The outflow ended an eight-day streak of positive inflows totaling $756 million into the Bitcoin products.
Mt. Gox moved over $700 million worth of Bitcoin to unknown wallets, its first major transaction in weeks. The defunct exchange still owes billions to victims of its 2014 hack.
Marathon Digital purchased $249 million of Bitcoin, expanding its corporate treasury to over 25,000 BTC. The Nasdaq-listed mining firm continues aggressively accumulating Bitcoin.
US government Bitcoin movements could impact market stability and signal future regulatory actions in the cryptocurrency space.
The post US government-associated wallet moves $600 million in Bitcoin appeared first on Crypto Briefing.
Japan-based Bitcoin investment firm Metaplanet said it purchased 57. 1 BTC for 500 million yen, equivalent to $3. 3 million, according to an Aug. 13 statement. This purchase bolsters the company’s Bitcoin reserve to 303.
Bitcoin venture fund Ego Death Capital has raised over $43 million in the first close of its $100 million second fund to invest in Series A Bitcoin Startups.
Bitcoin ETFs witnessed a surge on July 12. Here's what BlackRock’s IBIT and the Fidelity Wise Origin Bitcoin Fund brought in: $120.03 million and $115.14 million, respectively.
The price of Bitcoin briefly dropped to $57,874 amid a wider sell-off in the crypto market, while $54.9 million in Bitcoin long positions have been liquidated in the last 24 hours.
The number of Bitcoin wholecoiners tends to rise and fall with the crypto market’s ebbs and flows, but it has stayed above 1 million for over a year now.
US Bitcoin ETFs recorded $886.6 million in inflows, the second-highest on record, while Bitcoin surged to $71,200, indicating bullish trends.
The post Bitcoin ETFs Garner $886 Million as Hash Ribbons Indicator Hints Bullish Signal appeared first on BeInCrypto.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of $45 million on May 28. This extended their win rate to 11 straight days despite the Grayscale Bitcoin Trust ETF (GBTC) experiencing $105.
Semler Scientific buys 581 Bitcoins for $40 million, adopting Bitcoin as its main treasury reserve and boosting its stock by 27%.
The post Healthcare Pioneer Semler Scientific Bets Big on Bitcoin with $40 Million Investment appeared first on BeInCrypto.
Bitcoin price failed to recover above $107,000. BTC is trimming gains and might could continue to move down if it trades below $102,500. Bitcoin started a fresh decline after it failed to clear $107,000.
Square, the payment services arm of Block, has launched its Bitcoin payment feature for small businesses, allowing them to accept BTC payments and manage their digital assets alongside traditional finances through its point-of-sale platform.
Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, has revealed new bullish predictions for Bitcoin (BTC).
Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
