Up to now 20 minutes, Bitcoin has traded above $6,500, marking a fast 12% acquire from the $5,800 backside seen on Sunday night (UTC).
Resulting from this transfer, the BitMEX funding charge on the Bitcoin (XBT) contract surged by 990%, based on information from Joe McCann, a cryptocurrency dealer and AI/cloud specialist at Microsoft. In accordance with him, this implies “bulls [are] getting levered up right here,” probably setting the stage for an extended squeeze sooner or later.
Analysts are presently divided over what this implies for the cryptocurrency; simply 24 hours in the past, many had been charting a transfer to the low-$5,000s, citing the truth that it slipped under quite a lot of helps as if it was a scorching knife going by means of butter.
In accordance with outstanding crypto dealer Flood, who known as the current transfer from $6,800 $6,200, Bitcoin is more likely to retest $8,000 within the close to future.
We shorted, now we lengthy to 8k pic.twitter.com/zmYQm2psQZ
— Flood [BitMEX] (@ThinkingUSD) March 28, 2020
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