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Bitcoin resurge to $61K after quick shakeout on Wednesday

TL;DR

TL;DR Breakdown:

  • Bitcoin has reclaimed the $60K price after printing over $1.5k in one hour.
  • Funding rates are returning neutral and open interest is starting to increase again. 

The largest cryptocurrency, Bitcoin (BTC), has pushed back to the $61,000 area after facing a quick correction on Wednesday, which saw the price tank by almost $2,000 in a matter of minutes. 

Within four hours after the correction yesterday, about $89 million worth of Bitcoin long positions were liquidated. This whole scenario spurred bearish sentiments that the leading cryptocurrency was in for a steep market correction after haven rallied to an all-time high of $67,000 last week.

Bitcoin jumps to $61k

Bitcoin began trading today on the lows of $58,000. However, some hours ago, the momentum was revived as the price suddenly surged by over $1,500 in a single hourly candle. This inflow pushed BTC back up to $60,568 from as low as $58,975 and subsequently $61,234 on Binance

At the time of publication, BTC has slightly dropped to $60,900. While it’s possible the price can retrace further from here, it should be noted that funding rates are nearly neutral at the moment, which is often an indication for another leg up for BTC.

Open Interest in the futures market is also starting to rise again. On the four-hour chart, the market is up by +1.93 percent, according to data by Bybt. Open Interest in Bitcoin is currently worth $24.01 billion, led by Binance. 

Is the $100k prediction is intact?

Judging by the current market state, a $100k Bitcoin in December seems far-fetched but not impossible. The crypto community now has a mix of people who are hopeful on this prediction to pass this year and those who believe 2022 will be the year, just like the Chief Executive Officer of CoinList, Graham Jenkin. 

Notwithstanding, it’s worth mentioning that BTC has been up by more than 200 percent since the beginning of 2021. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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