Bitcoin surges by 6% to $5.9K as buyers race to the market
Bitcoin’s fall last week was alleviated by some relief after the king coin recorded some gains over the past few days, with the market trying to stabilize its price. After shedding its value through large sell liquidations, the Bitcoin market has now been greeted by buyers trying to long Bitcoin. At press time, the price of the world’s largest cryptocurrency had shot up by almost 5.66%, with the charts picturing strong green candles according to AgoraDesk data.
Bitcoin started the day at a price of around $5.3k; however, as the day progressed, the price of the coin was reported to be $5.909.30, at press time.
According to data provided by Skew, a total of $56 million liquidations have taken place on BitMEX over the past 24-hours. Buy liquidations have been the highest at $37 million, followed by $20 million in sell liquidations.
However, Bitcoin Futures indicated that the B/O spread for major crypto-exchanges was reducing. The $10 million spread on Skew reflected a surge to 4.07 percent on 13 March, following which the price of Bitcoin fell. However, it has now reduced to 1.37% to correspond with the price of Bitcoin rising. On other exchanges like Binance, where it had spiked to 7.95% on 13 March, it was now down to 2.31%.
Despite the relative recovery of the Bitcoin market over the last few days, however, the larger market sentiment remained extremely fearful. That being said, the scale of the Fear and Greed Index moving slightly does suggest some improvement in market sentiment.