After a week of parabolic evolution, Bitcoin recorded a price correction that caused the price drop to $ 10,300. In the course of yesterday, BTC dropped to $ 10300 for a short time.
Later, it grew again and is currently trading at around $ 10,950.
500 Million Dollar Shorts, Liquidated on BitMEX
On June 26, when Bitcoin approached $ 14,000, traders who held short positions were forced to execute massive liquidations. In total, the value of these contracts was nearly half a billion dollars. This pressure caused the price drop to the $ 10,300 threshold.
However, Bitcoin seems able to recover on the upward trend. His price again began to rise and reached $ 10,950. Basically, compared to last week’s value, BTC increased by about 7%.
On the whole, trading activity increased, fueled by cryptomonas volatility.
Mike Novogratz – Bitcoin has seen a correction and will stabilize between $ 10,000-14,000
Galaxy Digital Founder Mike Novogratz claimed the Bitcoin price (BTC) would stabilize between $ 10,000 and $ 14,000. In an interview with CNBC on June 27th. Novogratz also mentioned the impact that criptomoneda Facebook Libra will have on the cripto market:
“One of the largest companies in the world has shown confidence in cryptomonas. If you are an institutional investor interested in this market but are not yet cautious, this makes you more confident. “
Crypto market as a whole, affected by Bitcoin fluctuations
Meanwhile, prices for the rest of cryptomonas have reacted negatively to Bitcoin fluctuations. Most top cryptomonas have dropped between 10 and 15%, making total market valuation below $ 320 billion.
Technical analysts are of the opinion that the Bitcoin correction was something necessary. The next period will be marked by volatility, but the upward trend will continue in the medium term.