• Bitcoin price recently broke above $22,500 to new highs above $25,000.
• This was fueled by the liquidation of over $155 million worth of shorts.
• According to analysts at crypto exchange Bitfinex, this could be indicative of a bottom in the market.
Bitcoin Breaks Above $25K
Bitcoin price recently broke above the key psychological and technical level of $25k amid short stops and liquidations. The move beyond this point resulted from short liquidations worth over 155 million dollars.
Price Movements Point to Market Bottom?
Analysts at crypto exchange Bitfinex suggest that the recent price movements could be indicative of a bottom in the market due to an upswing of 10% generated on a green weekly candle close. However, BTC has yet to hit a crucial daily candle close at this zone for confirmation purposes.
Short Liquidations Fueled Breakout
The breakout from the $22,500 resistance level was fueled by massive liquidations recorded during the past few days as per Bitfinex analysts. They also suggested that profit-taking post rally and stop-runs on overly bullish speculators might send Bitcoin back below $24,000 in coming weeks.
What Could Happen Next?
The liquidations have led both longs and shorts to be wiped off simultaneously which could lead to ranged price movement according to analyst predictions. This would mean prices are unlikely to break out or crash significantly as there is an equilibrium between buyers and sellers in the market currently.
Bitcoin’s break beyond $25K points towards possible signs of bottoming out in the market as massive liquidations preceded it’s surge upwards – however only time will tell how far it can go from here!