The price of Bitcoin soared today, April 11, as it smashed through a historically tough resistance of $28,700 to hit year-to-date highs of over $29,200.
The flagship cryptocurrency rose 3.5% in Monday’s U.S. trading hours after opening just above $28,100.
Over $95.5 million has been liquidated from the market, with $40 million in short liquidations within one hour, according to Coinglass data.
CryptoSlate Alpha‘s analysts do not believe that the price movement is solely spot purchase driven. Instead, perpetual markets favor long positions, and with shorts being liquidated, it is reflected in the upward momentum.
Price Action
Bitcoin’s highest daily price increase in 2023 was 9.5% on Feb. 15. Yet, today’s price movement has broken a price level that Bitcoin has struggled with numerous times. The green line on the chart below represents the $28,700 price for Bitcoin.
Multiple times it acted as a support throughout the bull run, and since mid-March, it has served as the ceiling for positive price action. So while no technical analysis is being made here, it is likely worth keeping track of the price point.
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