CandleFocus Bitcoin Shoots Past $60K for the First Time in 2 Weeks, Liquidating Over $100M in Shorts
2024-09-14
Author: Content Editor
Bitcoin has experienced a significant increase in value over the past week, surpassing $60,000 for the first time since August. This surge was accompanied by gains in other cryptocurrencies including ETH, LINK, and meme coins. Last week, Bitcoin suffered a crash attributed to macroeconomic factors and net outflows from Bitcoin ETFs, but it began to recover over the following seven days. The most notable increase occurred on Friday, reaching a 16-day high of over $60,500. The surge was influenced by a change in ETF trends and MicroStrategy's announcement of a large BTC purchase. Altcoins such as ETH, DOGE, XRP, TON, AVAX, SHIB, LINK, and meme coins experienced impressive increases as well. The liquidation of positions reached nearly $130 million, with the majority being from short positions. This has resulted in losses for traders with bearish sentiment.
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