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Bears lick their paws while Bitcoin price blasts through $46,000

Published 08/09/2021, 03:15 PM
Updated 08/09/2021, 05:00 PM
Bears lick their paws while Bitcoin price blasts through $46,000
BTC/USD
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Bitcoin (BTC) hiked 20% in seven days in an unexpected move that brought the price to its highest level since May 18. The price appreciation happened despite U.S. Treasury Secretary Janet Yellen reportedly supporting a broader definition of crypto companies in the HR 3684 infrastructure bill currently being considered in the U.S. Senate.

Even though Bitcoin price continues to surge higher, investors are worried that regulation could erase the recent gains, but derivatives indicators show no sign of confidence from the bears.

Bitcoin price at Coinbase, in USD. Source: TradingView
Bitfinex BTC margin longs / total margin contracts. Source: Bybt
Bitcoin futures top traders aggregate long-to-short ratio. Source: Bybt

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