Bitcoin Rises Back to $60,000: This Group’s Contribution to BTC
Contributor
- The recovery was reportedly partly due to the liquidation of over $2.5 billion worth of Bitcoin short positions.
- BTC will be volatile later this week as sentiment improves.
Bitcoin Sentiment has improved slightly and the price is now back above $60,000. The slightly bullish outcome could be due to the liquidation of leveraged short positions.
Bitcoin and the general crypto market sentiment were characterized by extreme fear over the weekend. However, there has been some improvement in the past few days.
According to the latest readings from the Fear and Greed Index, the index is at 30.
Bitcoin’s bullish trend may also have been fueled by the liquidation of leveraged short positions. Recent data suggests that over $2.5 billion worth of leveraged short positions were recently liquidated.
Will Bitcoin experience more volatility?
At $60,890, it will retest $61,700,.
This price range coincides with Retail Sales A lower-than-expected reading should bring a bearish bias for markets while a higher-than-expected reading would prompt a risk-on movement for markets.
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