Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest
Ad: Bybit - Make your first deposit and earn bonuses of up to $3,000, and more! Earn now!

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
Deposit and Earn Up to $3000 Bonus

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.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Deposit and Earn Up to $3000 Bonus

Like what you see? Subscribe for updates.