Bitcoin Blasts to $44K on Coinbase, Could Run Towards $48K Resistance: LMAX Analyst
Summary
Bitcoin (BTC) experienced a surge in price on Tuesday afternoon, reaching above $44,000 on some crypto exchanges for the first time since early April 2022. The CoinDesk Bitcoin Index XBX, which gathers pricing data from multiple exchanges, increased from below $42,000 to a session high of $43,868. The surge is thought to be due to declining interest rates, anticipation for a bitcoin exchange-traded fund in the U.S., and growing institutional investor interest. However, the volatile action resulted in $73 million of leveraged bitcoin derivatives trading positions being liquidated. Market strategist Joel Kruger suggested that BTC's upward price momentum could continue until it hits between $48,000 and $53,000.
