Here’s Why Bitcoin Price Just Spiked to $7.3K, Liquidating $90M

The Bitcoin (BTC) price spiked from $6,900 to $7,300 across major cryptocurrency exchanges, liquidating $90 million on BitMEX and Bitfinex alone. While several traders anticipated the Bitcoin price to see a strong upsurge as it breaks out of the $6,900 resistance level, the abrupt upsurge to $7,300 caught many technical analysts off guard.

Bitcoin tends to see overextended price movements because of the concentration of its volume in the futures market. But, since late March, the gradual increase in the price of Bitcoin since low $6,000s has primarily been led by growing spot volume and demand.

Timeline of Bitcoin