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Cryptocurrencies: 12,866
Markets: 940
Marketcap: $ 2.05 T(0.79%)
24h Vol: $ 87.19 B
BTC Dominance: 48.87%

Bitcoin Consolidates After Short Squeeze: Traders Await Range Breakout

Bitcoin Consolidates After Short Squeeze, Traders Await Range Breakout

Key Points:

  • 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.

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