Bitcoin price prediction: What will the $44 million sale lead to?
Bitcoin price prediction: What will the $44 million sale lead to?
Bitcoin (BTC) has held its price in the $26,700 range for a month, but its dominance in the cryptocurrency market is growing amid increasing risks to other digital assets.
Bitcoin's market dominance rose to 50.2% on Sept. 18, the highest level in a month. The 26-month high was 52% at the end of June.
As the price of BTC briefly rose to $27,400, $32 million in short Bitcoin positions were closed. In total, more than $44 million in Bitcoin futures positions were liquidated on Monday in a volatile trade that saw the spot price of BTC move more than $1,000 between session lows near $26,400 and new highs for the month near $27,400.
The move was driven by anticipation of the Fed's decision to keep rates on hold and technical buying of BTC.
Of the $44 million in positions closed on Monday, $32 million were closed short positions, which is understandable as BTC reached its highest level of the month.
Bitcoin is currently trading near $26,830, down from Monday's highs of $27,404.93.
After breaking the recent downtrend, things are looking better and BTC may have found a new range of $25,000-28,000.
Read also: XRP may show a bullish trend.
