Bitcoin suddenly hits $60K as a new resistance battle liquidates $850M

By William Suberg

BTC/USD reaches $61,000 for the first time in almost one month in a fresh burst of bullish market action.

Bitcoin (BTC) returned to $60,000 on April 10 as a bout of long overdue volatility hit the market in line with analysts’ expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

“Being a bear is expensive”

Cointelegraph Markets Pro and TradingView showed a sudden push allowing BTC/USD to exit the $50,000 corridor overnight on Friday.

The move had been weeks in the making — a convincing attack on $60,000 resistance, the last before all-time highs, had previously failed to materialize before.

Bitcoin is about to Bitcoin. ⤴️ $BTC

— Alex Saunders ‍ (@AlexSaundersAU) April 7, 2021

Now seemend different, however, with Bitcoin going on to pass $61,000 before consolidating at around $60,650 at the time of writing.

“$163,745,606 of Bitcoin shorts liquidated in an hour,” quant analyst Lex Moskovski