‘Bitcoin is bitcoining again’ — cryptos rebound after eight days of weakness
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Crypto markets are bouncing back after Bitcoin briefly hit a seven-week low early this morning.
The OG cryptocurrency dipped as low as US$47,840 around 8am AEST, but since then has been up sharply. At 11.39am it was trading at $US51,454 ($66,575), a three-day high.
As thick green candles filled traders’ screens, positive sentiment seemed to be returning to Crypto Twitter, which had been fearing a dip as low as around $US42,000.
I remember #Bitcoin at 47k like it was yesterday.
Or like it was a few hours ago.
— The Wolf Of All Streets (@scottmelker) April 26, 2021
#bitcoin is bitcoining again
— Lark Davis (@TheCryptoLark) April 26, 2021
Don’t worry… #bitcoin just took a wrong turn down the sub 50k lane… but it found its way back already.
— Girl Gone Crypto (@girlgone_crypto) April 26, 2021
#Bitcoin bounced off $47k up to $51k like it was nothing
— JRNY Crypto (@JRNYcrypto) April 26, 2021
Still a few were worried it could be a false reversal pattern and the eight-day correction was not over.
This better not be a bull trap playing with my emotions.
— Satoshi Wolf (@SatoshiWolf) April 26, 2021
Keep an eye on it. #Crypto.
— The Gecko (@Gecko_Traders) April 26, 2021
But as of lunchtime it was the bears who were getting rekt. There had been $US299 million in liquidations of cryptocurrency futures traders in the past four hours, according to Bybit. Ninty-three per cent of them were short positions and just $US20 million were long.
Elsewhere, Dogecoin was down five per cent to US27c and formerly-red hot privacy coin PirateCoin was down by a third, but nearly everything else was up. Only nine of the top 100 coins on Coingecko were in the red, including three stablecoins inversely correlated to the overall market.
Ethereum was up 9.4 per cent to $US2,465 ($3,167), just six per cent from its all-time high of US$2,640 set on Thursday.
Leo Token and PancakeSwap had hit all-time highs around 11am, while Solana and Compound did so yesterday.