3 Reasons Why Bitcoin Defied Bears, Suddenly Rallying 10% to $7,800

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Bitcoin has done extremely well over the past 24 hours. After falling as low as $6,800 on Wednesday, the cryptocurrency mounted a strong comeback on Thursday morning, rallying from $7,050 to $7,800 in an explosive fashion to mark an over 10% gain. (As a note: some of that rally has since been reversed as bears have tried to reassert control.) It was a move that caught many traders off guard. Case in point: data from Skew.com, which tracks crypto derivatives, registered that nearly $70 million worth of short positions on BitMEX was entirely liquidated during the move — the largest amount of daily liquidations in a month. Here are some likely factors that contributed to Bitcoin’s sudden rally. BitMEX’s Bitcoin Funding Rate Was Negative As shared by trader and economist Alex Krüger, the Bitcoin funding rate on BitMEX — which is the amount that long positions pay short positions —…

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