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Bitcoin bulls respond with a $150M short squeeze above $53K…

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On the night of April 26, the Bitcoin rate began to rise sharply. The price increased by 11%, exceeding the $ 53 thousand mark. At the same time, last week the most popular cryptocurrency lost 17% of its value, falling on Friday, April 23, below $ 50 thousand. The fall took place against the backdrop of a negative news background.

Due to the fact that the price of Bitcoin (BTC) increased from $ 47,000 to more than $ 53,000, “bulls” are back to take over the market. As a result, short positions of about $ 150 million were closed within a few hours.

Why is liquidation of short positions good? When short positions are liquidated, short sellers are forced to buy back their positions, which causes an increase in consumer demand in the market.

Thus, the cryptocurrency market capitalization is again more than $ 2 trillion.

Other popular cryptocurrencies are also actively rising in price. According to the Kraken exchange, Ethereum rose 12.6%, Litecoin rose 12%, and Bitcoin Cash rose 11.9%.

Many other altcoins are up more than 10% as well.

 According to experts, many investors have taken advantage of the recent drop in cryptocurrency rates as an opportunity to buy them.

Is it early to talk about the completion of the correction?

Today we are seeing the most expensive rate for Bitcoin over the past 6 days, but analysts are confident that it is too early to talk about the completion of the correction. Technical analysis of the bitcoin rate chart suggests that the cryptocurrency may reach another minimum in the future before the trend reversals. Trader named an important mark for the first cryptocurrency at $ 53.5 thousand. This is a resistance zone that must be overcome to complete the correction.

According to analysts, in the event of a decrease in bitcoin quotes, the fall will slow down in the zone of $ 42.5-43 thousand. At the same time, other experts believe that $ 51.5-51 thousand may act as support levels.

In this case, the price is likely to rise above the $ 54,500 and $ 55,000 levels in the short term.

Experts point out that corrections in a bull market represent opportunities, not threats. All asset corrections are actively redeemed.

Will Bitcoin reach new highs this year?

Many market players want to know: has Bitcoin reached its peak, getting close to $ 65,000, or are we expecting new highs within this year?

Market strategy and industry research center Fundstrat said that the Bitcoin pullback we are seeing today is likely to be a good boost for the coin. With the current price adjustment, BTC will be able to reach the long-awaited $ 100,000 mark.

A healthy pullback could strengthen the bullish argument for the flagship cryptocurrency, experts say.

The market should cool down with such a rapid rally. In order to reach new historical heights, such a situation with exchange rate adjustments is quite normal.

Many Bitcoin proponents are also optimistic about the position of the leading cryptocurrency. The idea behind the pricing model is that the price of BTC will rise if the deficit persists. This predicts that the coin’s value will grow 10x over the next few years. Analysts also point to past Bitcoin cycles, where it posted significant gains after a massive drop.

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