Bitcoin Ends Record-Long Losing Streak, BTC Inflows Grow, Ethereum Sees Outflows
As bitcoin (BTC) ended a 9-week-long losing streak on Sunday, when a green weekly candle finally appeared on the bitcoin chart. The positive weekly close kicked off a green start of the new week on Monday, with gains across the board in the crypto market.
Monday’s rally was broad in the market, with both bitcoin, ethereum (ETH), and many altcoins seeing 24-hour gains of more than 5%. Among the top 10 coins by market capitalization, the strongest performer was cardano (ADA), which at 15:00 UTC was up by 9% for the day to a price of USD 0.611.
At the same time, BTC stood at USD 31,577, up 6% for the past 24 hours, and ETH traded at USD 1,897, up almost 6% over the same time period.
The gains came as the bitcoin chart on Sunday printed its first green candle in 10 weeks, ending a record-long losing streak for the coin.
According to Marcus Sotiriou, an analyst at crypto broker GlobalBlock, BTC now faces technical resistance around the USD 31,500 to USD 32,000 level and if the price can hold above this level, “continuation to the upside” can be expected.
BTC/USD weekly chart:
According to data from Coinglass, Monday’s rally came at the expense of traders who had positioned themselves for more selling in both BTC and ETH derivatives.
In the bitcoin derivatives market, close to USD 35m of BTC shorts were liquidated in the 12 hours from midnight to noon UTC time on Monday, marking a one-week high in short liquidations.
Meanwhile, liquidations of short ETH positions also reached a one-week high on Monday, with USD 23m liquidated across exchanges during the same time period.
Notably, the price spike for major coins today happened as news emerged that Bitcoin miners have started selling off coins that were previously hoarded in an attempt
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