Bitcoin comes to its senses after a short-term crash
Bitcoin hits 2020 highs but falls back sharply
Trading volumes have grown significantly in recent weeks
The general mood in the cryptocurrency market remains bullish
International consortium of news organizations developing transparency standards.
In a matter of minutes, the bitcoin rate collapsed by more than $ 1,000, but the market as a whole remains calm.
At the beginning of trading on Sunday, Bitcoin (BTC) at the moment updated the maximum of the current year at around $ 12,134, from where it fell sharply.
After rallying from lows in the $ 11,230 area to highs above $ 12,000 in 24 hours, the main cryptocurrency fell aggressively below the $ 11,000 level, losing over $ 1,000 in less than an hour. To date, the coin has partially recovered, settling in the $ 11,000- $ 11,300 range, showing a neutral short-term bias.
Over the past 24 hours, Bitcoin has fallen in price by more than 5% and is suffering losses for the first time in more than two weeks. Despite the sudden collapse, overall, the second half of July turned out to be quite successful for the cryptocurrency, which grew by 11% over the past week and by 21.9% over the month..
Trading volumes have also grown since early July and have nearly doubled over the past month. BTC’s daily trading volume is now around $ 30 billion. Current trading volumes are more than double the peak of a bull market in 2017, when bitcoin hit an all-time high outside the $ 20,000 level.
At the same time, short-term sales could not spoil the overall bullish mood in the cryptocurrency market as a whole. According to BTCtools, 82.6% of open interest is long positions, while shorts account for only 17.4%. Meanwhile, the Fear and Greed Index peaked at more than a 1-year high at 80.
Perhaps the recent selling was due to the wave of automatic long liquidation. The largest liquidation was recorded on the BitMEX cryptocurrency derivatives exchange.
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