What’s Behind the Bitcoin Price’s Recent Rally? Where Is the Uptrend Coming From?

Bitcoin price has increased by over 11% in the current week, leading to a significant increase in market liquidations. According to Bitfinex Head of Derivatives Jag Kooner, this latest rise in price has been largely driven by spot market investors.

“The majority of purchases came from spot buyers, that is, market orders from aggressive buyers in the spot markets,” Kooner said. Last Monday, the price of Bitcoin was just above $42,000. However, the subsequent increase in value led to numerous short liquidations, pushing the price even higher.

This volatile price movement resulted in an increase of over $111 million in cryptocurrency market liquidations, according to data from Coinglass. In the last 24 hours alone, 42,122 investors were liquidated and over $30 million in Bitcoin leveraged positions were wiped out.

On the other hand, the recent rally led to a significant unrealized profit for MicroStrategy. The Michael Saylor-led company’s Bitcoin investment currently stands at an unrealized profit of $3.5 billion.

At the time of writing, BTC price is trading at $49,741, just below $50,000.

*This is not investment advice.

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Source: https://en.bitcoinsistemi.com/whats-behind-the-bitcoin-prices-recent-rally-where-is-the-uptrend-coming-from/