Bitcoin Consolidates After Short Squeeze, Traders Await Range Breakout
- Bitcoin consolidated near $31,000 after a short squeeze led to new yearly highs.
- A US judge ruling that XRP is not a security caused the altcoin to spike over 100%.
- Bitcoin liquidated $50 million of shorts, but traders are cautious about a possible range breakout.
- Bitcoin’s dominance in the market dropped below 50%, allowing altcoins to potentially make gains.
Bitcoin’s recent price performance has been met with both excitement and caution. While the cryptocurrency reached new yearly highs after a short squeeze, traders are still waiting for a breakout from its current trading range. Meanwhile, the ruling that XRP is not a security caused the altcoin to experience a significant spike in price. Bitcoin also liquidated $50 million of shorts, but traders remain cautious about its future movements. Additionally, Bitcoin’s dominance in the market dropped below 50%, potentially paving the way for altcoins to see gains. Overall, the crypto market is in a state of anticipation as traders wait for further price movements and potential altcoin rallies.