In less than 24 hours, Bitcoin had hit $40K, dropped to roughly $36,000, and increased to above $41,000 in one of the most volatile days on the market.
To say that the past 24 hours have been exciting would be a massive understatement. Bitcoin, as well as most of the cryptocurrency market, experienced one of the most tumultuous trading sessions after setting a new ATH above $40,000, crashing by $4,000 and surging back to chart a new high at around $41,000.
Bitcoin’s price goes up again. It doesn’t seem to have any intentions of slowing down. Dips are being bought at an unprecedented rate as the price continues to appreciate.
Just a few moments ago, it painted a fresh all-time high at $41,095 on Bitstamp, which doesn’t seem very surprising as this tends to happen every single day.
BTC/USD. Source: TradingView
However, the fashion in which id did so definitely deserves a mention.
As seen in the above chart, the past hours have been nothing but volatile. Last night, BTC broke $40K for the first time to reach a high at around $40,402.
Within the same hourly candle, the price tumbled to a low of $36,338 – this marks a total loss of $4,000… in less than a single hour.
The craziness doesn’t stop there. The following hourly candle had already seen the price closing at $39,100 for a swift recovery.
After that, we saw another dip to $36,618, which was bought up just as quickly and it’s been all upside since then.
If one thing should be taken from this is that the volatility in the market is unprecedented. Trading is becoming particularly dangerous, which is perfectly outlined by the number of total liquidations in the past 24 hours.
A total of $1.45 billion (both long and short positions) were liquidated in less than a day. The past hour alone saw that number hit $100 million.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
