Bitcoin bounces back after weekend slump defying expectations
Bitcoin rebounded sharply by 7% after a weekend slump, driven by the liquidation of over-leveraged positions.Summary
Bitcoin defied expectations of a continued decline following a weekend slump, recovering 7% in less than two days to reach $113,650 after hitting a low of $106,189 on Sunday. Ethereum mirrored this recovery, moving from $3,830 to $4,103. The rally is attributed to a "liquidation reset"; nearly $20 billion in over-leveraged positions were wiped out the previous week, and a final wave of forced selling around $528 million on Tuesday morning cleared out remaining weak hands. Once this selling pressure subsided, spot buyers pushed the price higher, forcing short sellers to cover. The market is now watching if Bitcoin can hold $111,000-$112,000 as support, with $117,000 as the next target, while Ethereum needs to secure $4,000.
(Source：CryptoSlate)