Bitcoin has shown resilience in the last 24 hours, rallying to $34,400 after briefly revisiting the lowest levels since January.
By doing so, the cryptocurrency continues to illustrate that it is an asset worth holding onto as billions of dollars make their way into the burgeoning sector.
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Bitcoin fell to $28,814 on Tuesday only to swiftly re-enter a trading range which we have been eyeing for some time.
The turnaround comes shortly after MicroStrategy purchased an addition $13,005 BTC, making it the largest publicly listed bitcoin holder around.
As outlined in the semi-weekly newsletter, there is considerably less open interest and leverage in the bitcoin ecosystem today compared to mid-May.
Typically, such a dynamic lowers the impact crypto futures market liquidations could have on price-action in the event of another sell-off like the one just witnessed.
Total crypto liquidations for June 22nd hit $938 million, as opposed to the $6.48 billion in liquidations which occurred on May 19th, which sent prices tumbling from $43,000 to $29,000 on the day.
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