Bitcoin Erases Disastrous Losses as It Regains Crucial $100,000 Level

Bitcoin, the top cryptocurrency, has managed to reclaim the $100,000, experiencing extreme volatility.

According to data provided by CoinGlass, more than $161 million worth of shorts has been liquidated over the past 12 hours. 

The leading cryptocurrency is currently trading at $101,295 on the Bitstamp exchange. 

The cryptocurrency has now surged by roughly 11% within just hours after reaching an intraday low of $91,530 amid market uncertainty stemming from trade tensions.

Bitcoin spiked sharply higher after the U.S. and Mexico reached a deal to postpone tariffs. 

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Jeff Park, head of alpha strategies at Bitwise Invest, has noted that the Bitcoin bid now seems to be “unstoppable” after the price of the cryptocurrency managed to bounce back within such a short span of time. 

“But now I’m more convinced than ever: the relentless BTC bid is unstoppable. Everyone just knows, even if they won’t say it out loud,” he said on social media. 

The Bitcoin price is still down 7% from the record high of $108,786 that was recorded on Jan. 20. 

Matt Hougan, chief investment officer at Bitwise Invest, has suggested that the leading cryptocurrency could potentially break loose from the $100,000 gravity. “Feels like there’s a lot of energy right now after this bounce,” Hougan said. 

As reported by U.Today, permabull Tom Lee recently predicted that Bitcoin could plunge to as low as $70,000 in the short term. Meanwhile, commodity trader Peter Brandt also sees Bitcoin potentially revising the $80,000 level. That said, both analysts are bullish on the cryptocurrency in the long term.