<span style="font-weight: 400">The price of Bitcoin made a big move when it pulled out of short term consolidation and touched almost two months high of $8600. Since January 1, 2020, Bitcoin has hit its highest price while recording a gain of 20%. It is expected that the price rally is the result of the mass liquidation on BitMEX adjusted to almost $40 million.</span>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Did #<a href="https://twitter.com/hashtag/BitcoinPrice?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinPrice</a> Rally to $8600 Because of <a href="https://twitter.com/hashtag/BitMEX?src=hash&amp;ref_src=twsrc%5Etfw">#BitMEX</a> <a href="https://twitter.com/hashtag/Liquidations?src=hash&amp;ref_src=twsrc%5Etfw">#Liquidations</a>? - <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/Shorts?src=hash&amp;ref_src=twsrc%5Etfw">#Shorts</a> - <a href="https://t.co/dAiJ4LXgSn">https://t.co/dAiJ4LXgSn</a> <a href="https://t.co/HkCZxRyaCo">pic.twitter.com/HkCZxRyaCo</a></p>
— PaulCrypto.com (@PaulESamson) <a href="https://twitter.com/PaulESamson/status/1216963570929299458?ref_src=twsrc%5Etfw">January 14, 2020</a></blockquote>
<h2><strong>Rickety BitMEX Bears</strong></h2>
<span style="font-weight: 400">According to </span><a href="https://www.cryptoknowmics.com/"><span style="font-weight: 400">Crypto News</span></a><span style="font-weight: 400">, the crossing of price resistance is interlinked with the liquidation of $38 million in shorts on BitMEX. As enthusiasts convert their digital assets into cash in the open market, it will result in both bearish as well as the bullish position of people according to their distress.</span>

<span style="font-weight: 400">The crypto enthusiasts analyzed that the move triggered a wave of “Buying Signals” which may push the asset to its peak.</span>

<img class="wp-image-155353 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/01/bitmexshorts.jpg" alt="" width="882" height="262" /> Source: <a href="https://datamish.com/d/000000004/btcusd?refresh=20s&amp;orgId=1">Datamish</a>
<h2><strong>Attitude Analysis</strong></h2>
<span style="font-weight: 400">As the news of liquidations of shorts got viral, cryptocurrency optimists took long positions while bearish traders took short positions. According to the data of Commodity Futures Trading Commission(CFTC), big money traders, like hedge funders, are expected to take bearish positions while the small investors are still bullish. However, the positive signals regarding BTC are continued to abound.</span>
<h2><strong>Crypto Markets Turned $10 Billion</strong></h2>
<span style="font-weight: 400">The total crypto market capitalization touched the two months high of $226 billion after the move has added $10 billion to market. The present year started on the positive note for digital assets as $35 billion of fresh capital has flooded back.</span>

<span style="font-weight: 400">The Bitcoin price has been experiencing a massive hike since the Middle East tensions. Currently, the liquidation of shorts on BitMEX has added to the increase in prices of Bitcoins. 2020 is supposedly a highly bullish year given the impending block reward halving is scheduled for May this year and thus the overall sentiment is bullish.</span>

Bitcoin Price Rally to $8600 is Result of BitMEX Liquidations?

The liquidation of shorts of $36 million on BitMEX is expectedly connected with price rallying of up to $8600 according to latest Bitcoin News.

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.

Bitcoin Price Rally to $8600 is Result of BitMEX Liquidations?

Top Picks