Bitcoin surged past the crucial $20,000 mark adding 4.65% to its value in the past 24 hours lighting up the global crypto market in green. Ethereum traded at $1,484, gaining 10.29%. Cardano is the biggest gainer as it’s up by 10.52%, followed by Dogecoin at 10.26%, Solana 9.63%, and Polkadot 9.57%.
The upward move comes in tandem with rising U.S equities, which were buoyed by a declining U.S dollar. Riyad Carey, a research analyst at Kaiko, believes Bitcoin’s surge could be attributed to limited volatility in the past month, and a market looking for signs of life. Michael van de Poppe, founder and CEO of Eight, said finally the volatility will kick in. He pointed out that Bitcoin is ready for that relief run – long and strong. But Il Capo of Crypto, a trade analyst, flagged Bitcoin outperforming altcoins in terms of gains, albeit with no end in sight as of yet. He says there’s fuel to keep going.
Coinglass data showed the extent to which the market had been short on the day. It highlighted that short-position liquidations for Bitcoin alone topped $165 million on the day, a multi-month high, with the tally still increasing. Material Indicators, an analytics service firm, outlined shifting support and resistance on the Binance order book. It noted that the $20,000 zone had been marked by a cluster of sell orders which totalled in excess of $110 million, with bulls making a considerable dent. It said the remaining $83 million of the $112 million Bitcoin sell, as per FireCharts, was just jumped up.
The upward movement is a huge development from a market structure perspective as it highlights the potential end of the consolidative regime.
