The shorts are destroyed as Bitcoin rises to $24,285
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(Kitco News) Crypto prices edged higher Wednesday afternoon as Bitcoin climbed to a two-week high in what some are calling a short squeeze that resulted in the liquidation of more than $60.78 million worth of short positions, data from Coinglass shows.
The traditional markets, similarly, saw prices climb higher in the afternoon session as the latest economic data showed strong consumer spending and a pick-up in inflation over January, prompting some to reassess the prospect of continued rate hikes. After climbing out of negative territory, the S&P, Dow and Nasdaq closed the day in the green, up 0.28%, 0.11% and 0.92% respectively.
Data provided by TradingView shows that after pulling back in the early hours on Wednesday, Bitcoin (BTC) prices edged higher in the afternoon as bulls took charge of the price action, pushing the top crypto to a daily high of $24,285, the highest price since 1 Feb.
BTC/USD 4-hour chart. Source: TradingView
With the move higher in Bitcoin, “Bulls have negated another price downtrend on the daily bar chart and have now stabilized prices,” according to Kitco senior technical analyst Jim Wyckoff, who added that “the bulls and bears are back at a level overall. technical playing field in the short term.”
A survey of Crypto Twitter shows that there is no agreed consensus as to why the crypto market is moving on Wednesday afternoon, but overall the community is excited about the prospect of continued upside after the “biggest single-day advance since November lows”. .”
#Bitcoin break out?
Now testing February opening levels. . .
Biggest single-day advance since low in November#BTCUSD Daily chart pic.twitter.com/Rm3fj3OpNp
— Michael Boutros (@MBForex) 15 February 2023
And things should continue to improve as long as Bitcoin’s price manages to stay above the 200-day moving average cloud, according to market analyst Caleb Franzen.
#Bitcoin perfectly retested the 200-day exponential moving average and immediately recovered. Great sign, as long as the price stays above the total cloud of 200 MA.
🔵 200 EMA
200 SMABadabing badaboom. pic.twitter.com/6FlAmUbx4M
— Caleb Franzen (@CalebFranzen) 15 February 2023
A sea of green in the altcoin market
Altcoins also saw a flurry of activity driving prices higher, with all but one token in the top 200 posting positive gains for the day.
Daily performance in the cryptocurrency market. Source: Coin360
Conflux was the best performer, rising 69.8% to a daily high of $0.104, while Blur ( BLUR ) surged with a gain of 53.58% and Stargate Finance climbed 31.56%.
The total cryptocurrency market cap is now at $1.097 trillion, and Bitcoin’s dominance rate is 42.4%.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
