Bitcoin Price Forecast: Bitcoin BitMEX shorts liquidations explode as price climbs to $9,600

  • Bitcoin rallies above $9,600 barely a day after Goldman Sachs proclaimed dislike for Bitcoin and cryptocurrencies.
  • Bitcoin buyers seek higher support after testing levels above $9,600 for the first time in seven days.

Bitcoin price rallied from levels under $9,200 to touch $9,600 barely a day after Goldman Sachs branded it a non-asset class. Investors around the world appear to be joining the market as though to spite one of the largest investment banks in the world. Goldman Sachs said that Bitcoin did not have what it takes to be considered a worthy asset due to volatility, illicit activities, and lack of cash flow.

Consequently, Bitcoin price embarked on a journey of breaking weekly barriers at $9,200, $9,300, and even $9,600. An intraday high has been reached at $9,609 (marking the end of the brief rally). BTC/USD has already suffered a loss of 0.7% on the day and is doddering at $9,512. BTC/USD has not traded above $9,500 in the past seven days. It is clear that the largest cryptocurrency is just a few percentage points from the highs traded in May above $10,000.

Related reading: Ethereum Classic Chart: ETC/USD gains 4% in the Asian session on Friday

BTC/USD 1-hour chart

BTC/USD price chart

As Bitcoin bulls work hard to establish high support, preferably above $9,500, of significance is the increase in short positions liquidation on BitMEX, one of the largest derivatives trading platform. According to data presented by, a platform that tracks crypto market data, about $40 million in short positions has been liquidated over the last 36 hours on BitMEX. Other market indicators show that BTC is starting to trade above the spot price. In other words, traders in the derivatives market have confidence in the rally eyeing $10,000.

Meanwhile, Bitcoin is likely grinding into key resistance. If a rejection takes place in the region around $9,600, the price could spiral back under $9,000. However, this is the time buyers have to prove their confidence in the recovery and find support above $9,500 before making another attempt on breaking resistance at $9,600 and trend to $10,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast