Analyzing the Relationship Between Bitcoin Spikes and Altcoin Key Levels

Ethereum and Solana: Understanding Key Levels Amid Bitcoin Spikes

The price of bitcoin has surged past $66,000, marking the highest point since mid-June, when it was trading close to $67,000. Buyers are circling $66,546 as the price of Bitcoin has increased by 3.92% in the last 24 hours. In the meantime, Solana (SOL) is trading above $168, and Ethereum (ETH) has risen past $3,488.

Bitcoin Price Spike: IT Failure and Reserve Speculation

The pioneer cryptocurrency’s price increased as speculation persisted that the US may use it as a tactical national reserve. The turmoil that surrounded a significant IT failure on Friday, which caused banks, media, international corporations, and airplanes to be grounded, was a big factor in Bitcoin’s rise to intraday highs of almost $66,800. The software upgrade from cybersecurity behemoth CrowdStrike caused the outage.

• The price explosion, in the meantime, has completely destroyed shorts.
• As of Friday at 14:24 ET, almost $6 million worth of Bitcoin shorts had been liquidated, while only $79,700 worth of long bets had been.
• According to data, over the last four hours, bearish bitcoin bets totaling over $12 million have been liquidated, while longs have only liquidated about $1.6 million.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.