Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
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.
It's over 9000!!!! pic.twitter.com/cvJX8Blsgw
— Mati Greenspan (@MatiGreenspan) May 30, 2019
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.
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.