• Bitcoin is testing the $20k price level for the first time since early November.
• The price of Bitcoin has been rallying since Thursday, when it broke past $19,000 for the first time in months.
• Liquidations remain high, with $70 million across 45,000 crypto traders being cleared within the past hour.
The crypto market is continuing to show signs of improvement, as Bitcoin is coming up on $20,000 for the first time since early November, prior to FTX’s collapse. As of 22:28 UTC, Bitcoin traded at $19,962, up from roughly $18,800 at the start of the day. Its price climbed especially fast 21:34 UTC, when it sprang from $19,450 to $19.823 within 5 minutes.
Liquidations remain high, with $70 million across 45,000 crypto traders being cleared within the past hour, according to Coinglass. The largest liquidated trade within the past 24 hours took place on OKX, affecting a BTC-USD swap for $4 million.
The bullish sentiment began on Thursday, when Bitcoin price surged past the $19,000 mark for the first time in months. This was further strengthened by the news that PayPal was allowing customers to use cryptocurrencies to make payments. The news sent shockwaves through the crypto community and the stock market, and caused a surge in the price of Bitcoin.
The increase in Bitcoin price has been met with some resistance from skeptics, who are cautious about the sustainability of the rally. However, many optimists believe that the current price rally is just the beginning of a long-term bull run for Bitcoin.
The crypto market is also seeing a surge in DeFi tokens, as investors are looking for alternative ways to make profits. Ethereum, the second-largest cryptocurrency by market cap, has seen its price increase by over 40% in the past 24 hours. This is largely due to the increased demand for decentralized finance applications that allow users to borrow, lend, and trade digital assets in a trustless environment.
It remains to be seen if the current Bitcoin rally will continue or if it will fizzle out. Investors are advised to remain cautious and to keep an eye on the news and developments in the crypto market, as this could have a major impact on the prices of digital assets.