Bitcoin Surges Over $3,000 in Four Hours as Volatility Returns to Crypto Market
Bitcoin surged over $3,000 in just four hours on July 19, sending shockwaves through the crypto market with a fresh wave of volatility. The sudden rise saw BTC/USD climb from $63,303 to $66,506, reaching an intraday high of $66,773 on Bitstamp.
According to independent analyst Caleb Franzen, the recent uptick in Bitcoin’s price indicates a continuation of the uptrend behavior, with bulls regaining control over the market. This positive price action has led to key breakouts above structural and dynamic levels, signaling a bullish trend.
Short traders who were betting on a correction faced massive losses, with $40.83 million in short positions liquidated within four hours and a total wipeout of $131.65 million in 24 hours. CoinGlass’s Bitcoin liquidation heatmap shows that BTC is pushing through overhead ask liquidity, putting $83.38 million ask orders at risk of being liquidated in the short term.
Despite the surge in price, Bitcoin’s retail demand is at three-year lows, reflecting the current market sentiment. Market analysts believe that the real bull run in Bitcoin typically begins with massive buying volume from retail investors, which has not yet been seen in the current market.
Looking ahead, analysts remain optimistic about Bitcoin’s long-term prospects, with some forecasting a price above $200,000 once BTC enters a parabolic uptrend. As the market continues to evolve, investors are advised to conduct their own research and exercise caution when making investment decisions.
