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The Reason Behind Bitcoin Upsurge to $10,200, Suddenly Liquidating $75M

The worth of Bitcoin suddenly upsurges to $10,200, as it liquidated $75 million value of short contracts. The worth of Bitcoin (BTC) increased to as high as $10,272 on July 26 in an unforeseen weekend rally. It liquidated $74 million worth of long contracts on BitMEX alone, grasping many traders off guard. The Hourly Price Graph of Bitcoin: There seem to be 2 chief reasons behind the sudden rise of Bitcoin from $9,700 to about $10,200. They are the liquidation of over-leveraged shorts & traders captivating profit from over-extended alternate cryptocurrencies (altcoins). Profit-Taking Pattern Perceived as Bitcoin Rises: When the…

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