Four weeks of late Tuesday (8/2/2022) morning trading Bitcoin rose to its highest, driven by the liquidation of several short positions that had accumulated in the virtual currency's last three-month downtrend. Since hitting a six-month low on January 24, bitcoin has gained about 35 percent, hitting its highest since mid-January at $44,524.18. Meanwhile, Ethereum touched a three-week peak at $3,180 and was last up 3.1 percent at $3,153.21. Ether dropped to a six-month trough in late January, but since then ether, the token used for the Ethereum blockchain, has surged about 47 percent. “The current gains come after price action in a sizeable tight range that saw volume dry up and short positions increased,” said BitBull Capital Chief Executive Officer (CEO) Joe DiPasquale. Also Read: Hackers Hack Crypto Assets Worth IDR 4.6 Trillion, Used to Buy NFT Bored Ape Yacht Club Tokens "Typically, when the market is leaning heavily on one side of the trade, too long or too short, prices can move to counter that weight and put pressure on positions," he added. A recent report from Glassnode explained that bitcoin shorts came under pressure last week, "with a slight skew towards liquidation of the short side." But he added that the magnitude of the liquidation remains "quite lackluster," suggesting short pressure is only one factor, among many, driving the rally in bitcoin.
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