Bitcoin (BTC) extended its rally on Friday as bulls strengthened against the bears, pushing its price above $67,000. Bitcoin's market cap rose above $1.32 trillion on a positive note after CPI inflation slowed and Fed Chairman Jerome Powell dismissed stagflation concerns. These positive developments reignited discussions about whether BTC will rise or fall further in the future.
Transaction Volume Increases in BTC
US stock indexes rose as inflation pressures eased and strong corporate profits rose. BTC price rose above $67,000 with a weekly increase of over 10%. The lowest and highest levels in the last 24 hours were recorded as $64,613 and $67,459, respectively. Increasingly low transaction volumes indicate that large investors are starting to turn to Bitcoin. According to CoinGlass data, more than $130 million was liquidated in the cryptocurrency markets, of which approximately $45 million belonged to Bitcoin.
According to data from cryptocurrency analytics company CoinGlass, over $130 million has been liquidated in cryptocurrency markets in the last 24 hours. Bitcoin experienced liquidations of approximately $45 million, of which $31 million included short positions. The bulk of this purge has occurred in the last few hours.
$150,000 Target in BTC
In total, more than 42 thousand investors were liquidated, and the largest liquidation order occurred on BitMEX, when one person executed $4.80 million worth of XBTUSD transactions. CryptoQuant founder Ki Young Ju stated that Bitcoin is in the middle of its bull cycle. On-chain data shows that the bull cycle should end by April next year.
Popular cryptocurrency analyst Rekt Capital suggested that the Bitcoin price is now out of the danger zone after the halving and will start to rise towards $ 150,000. Bitcoin options traders placed more calls for higher strike prices, with some even opting for $80,000 calls. Santiment data shows that sentiment towards Bitcoin increased after the sudden jump above $66,000.
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I EXPLAIN IN DETAIL.
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