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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 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.

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

Cover art/illustration via CryptoSlate

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 โ€œItโ€™s over 9000โ€ 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.ย 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.