Bitcoin Back Near $12K As BTC Shorters Lose $44 Million in One Morning

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Bitcoin price (BTC) reached $12,000 on some exchanges on July 8 after a fresh uptick saw daily gains top another 6%. 

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data showed BTC/USD just hit its latest significant psychological level in trading at press time, having begun the day below $11,500. 

On major exchanges, USD spreads meant bitcoin was yet to reach $12,000 universally, with Bitfinex the first to record the higher price point, topping out at $12,040. 

Bitstamp, traditionally one of the more conservative price trackers, recorded $11,940.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported earlier Monday, analysts remained unsure about bitcoin’s future, nonetheless agreeing a downward move was incoming. 

Bitcoin has since surprised markets once again by moving up, casting doubt about the significance of its weekly close below $11,500 resistance. 

Progress towards $12,000 occurred as a result of a sudden $500 moonshot which completed in a matter of minutes. Since then, markets have held onto the new levels. 

While the exact reason remains unclear, investors were relieved, despite short traders losing huge amounts of money, having bet on the bitcoin price going down. A single morning’s activity on derivatives giant BitMEX cost traders $44 million, social media users noted. 

$12,000 represents most of the lost ground bitcoin managed to reclaim in the past week, having previously hit a 15-month high of $13,800. 

Attention remains focused on the largest cryptocurrency, with altcoins still putting in lackluster performance for traders. Ethereum (ETH) managed a 6% return on the back of news its own futures could soon launch, trading back above $300.

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