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

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

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.

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.

Bitcoin | BTC

Updated: May 31 at 12:55 am PDT
$8,287.52
-4.94%

Bitcoin, currently ranked #1 by market cap, is down 4.94% over the past 24 hours. BTC has a market cap of $146.96B with a 24 hour volume of $28.77B.

Chart by CryptoCompare

Bitcoin is down 4.94% over the past 24 hours.

Filed Under: Bitcoin, Price Watch, Trading
Mitchell Moos

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

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