The BTC price is exploding higher on the back of bullish news confirming that PayPal will add support for cryptocurrency in the coming months. Furthermore, the flagship crypto got a boost after the U.S. unveiled an imminent fiscal stimulus package.
At publication time, BTCUSD trades for $12,849, marking a remarkable spike from the lows seen just a week ago at $11.2k.
BTCUSD chart by TradingView
BTC endured a consolidation phase prior to this week as it showed resilience in the wake of bear favoring news that OKEx exchange had frozen withdrawals.
The digital asset is now soaring higher as the crypto market has shaken off that news event and turned its focus on the bullish PayPal one. It now seems that the bulls are back in control, with the king coin poised to see further gains.
More on BTC Explosive Price Move
BTC price is up almost 8% in the past 24 hours, marking an explosive spike that few traders expected. As per data from Skew.com, a platform that tracks crypto derivatives markets, more than $75M worth of BTC short positions have been liquidated in the past few hours alone.
As per the report, $35M was liquidated on OKEx exchange, while $40M was liquidated on BitMEX. Since these two markets represent just a small portion of the total derivatives volume, millions more in BTC short positions were likely liquidated.
Bitcoin is now entering an almost unprecedented phase in its price trajectory, according to one and crypto Trader.
Adam @Abetrader noted via Twitter that the benchmark digital asset is about to trade in a price region where there is little historical trading activity.
“Bitcoin just entered my “I have no idea what is going to happen next because there is no volume data on any major exchange” zone. Cool”, the analyst wrote.
ETH Price Gains Traction
Ethereum is currently up 6.6% as per data from CoinMarketCap. The altcoin gained momentum in early Wednesday trading and kicked off an upward move after forming a support base near $368. There was a break above a bearish trend line with resistance near $372, which gave the ETH bulls momentum to push higher.
The ETHUSD pair is now trading well above the $385 level at its current price of $397. A daily close above the $392 could open the doors for a retest of the $400 resistance in the coming sessions.
ETHUSD chart by TradingView