Bitcoin Price Hits 13-Month High of $12,200, Liquidating $22M Shorts
A sudden charge to $12,200 causes instant pain for shorters as one analyst described it as a â€œclear fake-out to take liquidity.â€�
Cryptocurrency market daily snapshot, Aug. 17. Source: Coin360
BTC price â€œclear fake-outâ€� costs shorters big
Data from Cointelegraph Markets and Coin360 showed BTC/USD hitting $12,200 briefly on Monday.
A subsequent correction managed to erase the gains and more, bouncing at $11,785 to recross the $12,000 mark â€” all within a matter of minutes.
At press time, Bitcoin circled $12,080, equating to 24-hour gains of 2.5% and the highest price for over a year.
BTC/USD 24-hour chart. Source: Coin360
Despite the psychological significance of $12,000, few appeared convinced that Mondayâ€™s move upwards was a legitimate watershed moment.
â€œClear fake-out to take liquidity,â€� Cointelegraph Markets analyst MichaÃ«l van de Poppe summarized.
On BitMEX, the results of the few minutesâ€™ volatility were plain to see â€” $22.1 million of shorts liquidated on Monday, compared with just $1.7 million the day before.
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