The crypto markets kicked off the week in barnstorming fashion with broad-based gains across a plethora of tokens. A Bitcoin impulse wave sent the world’s largest cryptocurrency by market cap into the $43k region before a slight retrace back into the $42k range.
One anonymous whale is said to have triggered the spike in BTC price after closing a $120 million short position.
A BTC whale supposedly closed a $120 million short position on Monday morning. While the reasons behind the trade remain unclear, the decision could be behind a significant surge in prices across the crypto market.
Bitcoin set a new three-week high after breaking back into the $43,000 region early on Monday morning. Although BTC bulls experienced some relief, the leading crypto failed to maintain the $43k level.
As of the time of writing this report, Bitcoin currently trades at $42,495, per data from CoinMarketCap.
Comments from crypto proponents and market analysts suggest that sentiment is on the uptrend following the latest price movement. After reviewing indicators like higher highs and relative strength index (RSI), Kevin Svenson and Matthew Hyland both opined that a breakout could be imminent.
While Bitcoin remains a major leader and indicator in the market, some altcoins have outperformed BTC over the last 7 days. Low cap tokens like JASMY, OGN, STEPN, and UBT all gained over 100% in the last week. Ethereum also reclaimed $3000 and has gained some 3% in the last day.