• Bitcoin (BTC) hit a year-to-date high of over $29,200 on April 11th as shorts got rekt with $40M in less than an hour.
• BTC soared 3.5%, opening just above $28,100 and breaking through the historically tough resistance level of $28,700.
• Over $95.5 million was liquidated from the market and perpetual markets favor long positions which reflected in the upward momentum.
Bitcoin Hits Year-to-Date High
The price of Bitcoin soared today, April 11th, as it smashed through a historically tough resistance of $28,700 to hit year-to-date highs of over $29,200. BTC opened just above $28,100 and rose 3.5% in Monday’s U.S trading hours.
Over $95.5 million has been liquidated from the market with short liquidations totaling up to around $40 million within one hour according to Coinglass data. CryptoSlate Alpha’s analysts do not believe that the price movement is solely spot purchase driven but instead suggest perpetual markets favoring long positions are reflected in the upward momentum.
Bitcoin’s highest daily price increase in 2023 was 9.5% on Feb 15th however this price movement has broken a price point which previously acted as a support throughout the bull run since mid March and served as a ceiling for positive price action for some time now making it worth keeping track of going forward.
CryptoSlate Alpha’s analysts suggest that this surge may be more than spot purchase driven and stemming from perpetual markets favoring long positions being reflected in the upward momentum resulting from shorts being liquidated and therefore worth keeping track of going forward .
The flagship cryptocurrency broke through its historically tough resistance level of 28,700 hitting year to date highs at 29,200 and reflecting an overall trend towards bullishness with short liquidations playing a significant role over 95 million having been liquidated so far today with 40 million within one hour alone accordingly to Coinglass data .