Bitcoin (BTC) soared on the 5th, reaching $44,000 (approximately 6.38 million yen, equivalent to 145 yen to the dollar) for the first time since early April 2022 on some crypto asset exchanges such as Coinbase. exceeded. The upside was supported by lower interest rates and expectations for the approval of a Bitcoin spot ETF (exchange traded fund) in the United States.

On the 5th, the CoinDesk Bitcoin Price Index (XBX), which collects price data from multiple exchanges, rose from below $42,000 to hit an intraday high of $43,868. It has since fallen back to around $43,500, but is still up nearly 5% in the past 24 hours.

The wild price movement led to the liquidation of $73 million in leveraged Bitcoin derivative positions, mainly short positions, according to data from blockchain analysis firm Glassnode.

Joel Kruger, market strategist at LMAX Group, said in an email that rising institutional investor interest and expectations for a Bitcoin spot ETF listing are supporting Bitcoin’s rally.

Kruger said Bitcoin’s upward momentum is clearly in the $48,000 (March 2022 high) to $53,000 (September 2021 high) region based on technical price levels. He said he had paved the way.

“There is a good zone between these two levels, and there is little significant resistance between the current price and the March 2022 high,” Krueger explained.

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: Bitcoin Blasts to $44K on Coinbase, Could Run Towards $48K Resistance: LMAX Analyst