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Bitcoin spikes past $9,000 before falling back into consolidation range

Mitchell Moos
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Mitchell Moos
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Bitcoin spikes past $9,000 before falling back into consolidation range

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Bitcoin surged past $9,000 before plummeting to retest the lower bound of its trading range at $8,600.

At 15:40 UTC Bitcoin spiked 3.9 percent taking the cryptocurrency from $8,743.62 to $9,090.00 on Coinbase. The price held above $9,000 for 10 minutes before rapidly dropping to retest the lower bound of its 48-hour trading range.

Coinbase BTC/USD (Source: TradingView)

Crypto Twitter was euphoric as BTC breached $9,000 resistance level. A cacophony of the (in)famous “It’s over 9000” Dragon Ball Z Vegeta meme graced Twitter before prices dropped.

The coin currently appears to be consolidating around $8,600. Recent real trading volume was driven by Coinbase with 24-hour volume of $170 million. OpenMarketCap showed that Binance lead with real 24-hour volume of $414 million.

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bitcoin bitmex liquidations
Source: DataMish

The sudden gyration in price liquidated a large number of both longs and shorts on crypto derivatives exchange BitMEX. Within the last six hours $19.7 million shorts and $29.2 million in longs were liquidated on the platform.

The insanity of the Bitcoin bull market continues.

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