Traders wound up their long Bitcoin derivatives contracts ahead of the October price rally, ignoring solid on-chain fundamentals.
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Traders wound up their long Bitcoin derivatives contracts ahead of the October price rally, ignoring solid on-chain fundamentals.
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BTC price surged toward $55,000 on Wednesday even as traditional risk assets such as stocks tumbled and the dollar rose.
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BTC price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.
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LINA, SCRT and PRE each rallied by 20% and Bitcoin’s attempt to flip $50,000 to support could extend the current rally seen across the altcoin market.
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Analysts identify the key levels BTC needs to hold in order to see continuation above $50,000.
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AXS, CVP and POLS lead altcoins higher while Bitcoin bulls search for a way to reclaim the $50,000 level.
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AXS, LUNA and a handful of altcoins rallied to new highs shortly after Bitcoin price rallied to $49,200.
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