Bitcoin price on Sunday collapsed by more than 12%, losing some of its previous positions. According to Rupert Douglas, Head of Institutional Sales at Koine brokerage company, this movement was caused by elimination of long positions opened at high prices. On Sunday, positions worth $147 mln were liquidated on the BitMEX crypt exchange.
The Zubr cryptographic platform has conducted research on the volatility of Bitcoin and concluded that despite the increased volatility compared to traditional assets, most of the time Bitcoin maintains a "market equilibrium". Zubr analysts found that after sharp changes in the price of bitcoin in most cases there is an almost symmetrical percentage movement in the opposite direction. Often movement in the opposite direction occurs on the same day with the initial movement, but there are cases when this cycle is stretched for a longer period. It means that soon the price of Bitcoin can return to a mark 10 000 after growth above 12 000.
The open interest in bitcoin futures reached a new historic high. As of August 1, the Open Interest amounted to $5.575 billion, exceeding the previous maximum of 5.369 billion, reached on February 14, 2020.
According to technical analysis, fixing above the resistance of 11,400 will open the way to 12,000. In case of break-down of support 10 845 it is likely that it will go down to 10 470.
The Zubr cryptographic platform has conducted research on the volatility of Bitcoin and concluded that despite the increased volatility compared to traditional assets, most of the time Bitcoin maintains a "market equilibrium". Zubr analysts found that after sharp changes in the price of bitcoin in most cases there is an almost symmetrical percentage movement in the opposite direction. Often movement in the opposite direction occurs on the same day with the initial movement, but there are cases when this cycle is stretched for a longer period. It means that soon the price of Bitcoin can return to a mark 10 000 after growth above 12 000.
The open interest in bitcoin futures reached a new historic high. As of August 1, the Open Interest amounted to $5.575 billion, exceeding the previous maximum of 5.369 billion, reached on February 14, 2020.
According to technical analysis, fixing above the resistance of 11,400 will open the way to 12,000. In case of break-down of support 10 845 it is likely that it will go down to 10 470.