Forex and Crypto News

Bitcoin price exceeded $7000 and eliminated short positions

13:13 16 April /2020

On April 16, after reducing to a minimum of $6472, Bitcoin began to grow sharply and was able to rise above $7000. At the time of publication, the BTC/USD pair is trading around $7000.

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Bitcoin was able to add almost $500 to the price. Such an increase after almost a week-long decline was unexpected for many. This growth triggered the liquidation of short positions on the BitMEX exchange within three hours. In total, orders totaling $23 million were liquidated. This amount caused concern on the exchange since on average the positions for $1.6 million are liquidated within three hours.

It is worth noting that the price reached a minimum of $6472 before the growth.

Bitcoin price continues to correlate with stock markets. Analysts note that the decline in the price of Bitcoin from $6900 to $6600 was also associated with a drop in stock markets, which were caused by the reports of a record decline in consumer activity.

However, today European stock markets are opening up ever-increasing sales volumes.

Along with rising prices, you can also see that the volume of trade has grown. However, to continue the growth, the price should close above 7000. This will most likely trigger more active purchases, which will lead to a re-testing of recent highs of about $7500. If the BTC/USD pair falls below the $6695 mark, we will see the pair decline again.

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