• The price of Bitcoin soared today, April 11, as it smashed through a historically tough resistance of $28,700 to hit year-to-date highs of over $29,200.
• Over $95.5 million has been liquidated from the market, with $40 million in short liquidations within one hour.
• Multiple times it acted as a support throughout the bull run and since mid-March, it has served as the ceiling for positive price action.
Bitcoin Hits Year-To-Date High
The price of Bitcoin soared on April 11th to break a historically tough resistance level of $28,700 and hit year-to-date highs of over $29,200. This comes after over $95.5 million have been liquidated from the market in just one hour with $40 million in short liquidations.
Price History
The green line on the chart below represents the price point that Bitcoin had struggled with numerous times in the past serving both as support throughout its bull run and as a ceiling for positive price action since mid-March. The highest daily increase recorded was 9.5% on February 15th 2023.
Analysis
CryptoSlate Alpha’s analysts do not believe that this price movement is solely spot purchase driven but rather favor long positions due to perpetual markets being rekt with shorts being liquidated which is reflected in the upward momentum seen today.
Liam ‚Akiba‘ Wright
Liam ‚Akiba‘ Wright is an editor and producer at CryptoSlate who believes that decentralized ledger technology has the potential to make widespread positive change over the next 10 years bringing about a new dawn of technological innovation.
Disclaimer
The writers‘ opinions are their own and do not reflect those of CryptoSlate or any other entity or person associated with it; none of the information read should be taken as investment advice nor does CryptoSlate endorse any project that may be mentioned or linked to in this article