. @coindesk please verify data accuracy before writing. CMC just fixed their data, no issuance here, no news. Redact or delete the article please… https://t.co/yVXmpVs9LJ — Paolo Ardoino (@paoloardoino) January 7, 2020
BitMEX Liquidations Bitcoin price usually pumps when there has been a substantial liquidation of shorts on BitMEX. Looking at the data reveals that almost $8 million has been liquidated over the past 6 hours which has added to the momentum.
Where Next For Bitcoin Price? Analyst and bitcoin proponent Tone Vays has eyed the next level of resistance around $8,300.
Trading #Bitcoin – $BTC Pumps to $7.8k where is resistance? is $8.3k next?https://t.co/lTQ9u7UACi — Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) January 6, 2020
Using technical analysis in his video, Vays set up a couple of trend lines that were broken on shorter time frames. He compared this rally to the late November one adding that this pump alone is not enough yet to signify a longer-term bitcoin bull market. He believes there is still a 60% chance of bitcoin price dropping back below $7k. The weekly chart is still not that impressive though and candles need to start closing above $8,500 for a real rally to be measured. Will bitcoin price close above $8,000 this week? Add your comments below.
Images via Shutterstock, BTC/USD charts by TradingView, Datamish, Twitter: @paoloardoino, @ToneVays The post appeared first on Bitcoinist.com.
source: https://bitcoinist.com/why-bitcoin-price-cranked-back-to-usd-8000/
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