Bitcoin Price Jumps Over $60k - Next Pump Expected Near $62k Soon.

Bitcoin Price Jumps Over $60k - Next Pump Expected Near $62k Soon.

2021-04-10 | Eddy Morgan

Bitcoin Price Jumps Over $60k - Next Pump Expected Near $62k Soon.

The price of the leading cryptocurrency, Bitcoin [BTC] has returned to $60k today on 10th April as a bout of long-overdue volatility hit the market in line with analysts' expectations. CoinMarketCap and TradingView showed a sudden push permitting BTC/USD to exit the $50k corridor overnight earlier on Friday. The move had been weeks within the making - a convincing attack on $60k resistance, the last before all-time highs, had earlier did not materialize before. Now seemed different, however, with Bitcoin happening to pass $61k before consolidating at around $60,650 USD at the time of reporting. "$163,745,606 of Bitcoin shorts liquidated in an hour," quant analyst Lex Moskovski outlined on Twitter as the market turned.
"While Bitcoin is grinding up to a different ATH. Being a bear is expensive."
The picture was indeed a surprising one for traders who had spent weeks within a sideways market that occasionally tapped multi-week lows. The impetus behind the newest rise was still to become clear on Saturday, as was the true extent of its endurance given the importance of $60k as a psychological price to capture. One notable change was funding rates across exchanges, which had decreased markedly in previous days, translating to reduced friction at and above $60k before spiking as the market rose higher. Some had nonetheless involved optimistic combat of the market set up in the week. Among them was Filbfilb, co-founder of trading suite Decentrader, who revealed that Bitcoin at $58k had tons in common technically with Bitcoin at $20k. "I'm still very bullish above 58K. Structure an equivalent as at 20K IMO; tons of other market nuances similar too in order flow and depth," he told subscribers of his Telegram trading channel earlier on Friday. A day earlier, fellow Decentrader analyst Philip Swift had voiced similar leanings, using the upcoming cross of two important moving averages to suggest that BTC/USD had a more bullish path to run. These were the 111-day and 350-day moving averages, the latter multiplied by two, together referred to as a Pi Cycle. "My present near-term market outlook for Bitcoin is neutral-bullish, so my personal view is that there's an honest probability this is often not the market cycle top for Bitcoin when the Pi Cycle Indicator moving averages cross within a few day’s time," Swift added within an official market update.
"Other indicators and fundamentals are suggesting that we aren't yet at the top of the market cycle."

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