The rate of bitcoin is going incredibly fast. Yesterday you read in our bitcoin price analysis that the resistance of 11,440 still had to be broken. And at 7:00 this morning, bitcoin was worth nearly $ 13,000. You can also say that our bullish scenario has come true, although it is faster than we expected.
Parabolic trend
Since the bottom of the bitcoin rate in mid-December, the bitcoin rate is rising in the form of a parabola. This means that the price does not move obliquely upwards, but rises ever faster. The last days it even seems like the rate is going straight up:
Short squeeze possible cause rise this morning
Where money is earned, money is also lost. With bitcoin it is also possible to bet on a price increase (going long) or a price decrease (going short).
Many investors expected that the price increase could no longer continue after last week. They went short on bitcoin. If you go short, you sell your bitcoin at market value. Later you hope to buy back the same number of bitcoins for a lower price.
But the opposite happened: the rate was correct. Investors often place a stop loss order with a short, which means that they automatically buy the bitcoin again at a certain price.
That happened yesterday, more than 125 million dollars in short positions were liquidated in six hours. And also striking: between 7:00 am and 7:05 am, short positions were liquidated for 31 million dollars.
The price increase this morning therefore strongly resembles a short squeeze.
The data is from Datamish.com:
Is bitcoin breaking the $ 13,000 today?
Today’s big question: will the bitcoin rate succeed in breaking the $ 13,000 level? An attempt has already been made this morning, and it could just be that today it will succeed.
According to Twitterer and crypto trader Josh Rager there is no noticeable resistance in the way for an increase towards the 13,000 dollars. And has that price level been achieved? Then according to Rager we can expect a new all-time high (highest price ever):
$ BTC: Weekly chart looks so good
People can talk pullback all they want, but not much is Bitcoin stopping from ripping up to $ 13k +
After price passes $ 14,200 there isn’t a lot of standing in the way to new all-time highs
I’m not going to try to stand in front of a moving train pic.twitter.com/7JhoqwgXLG
– Josh Rager ? (@Josh_Rager) June 26, 2019
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