Is It a Bull Market?Yes! This is the reason.
Last weekend saw a significant soar of BTC after consecutively being bearish for weeks, adding $114 billion to the crypto market overnight, according to WorldcoinIndex.
The reasons for the sudden price spring-back are various.
A headline-grabbing one is that Elon Musk confirmed on The B Word that he and his company Tesla own BTC and did not intend to sell it. Furthermore, he released ambiguous news that Tesla is likely to accept BTC as payment currency again.
In addition, a broadly spreading hearsay is that Amazon is seeking to accept Bitcoin payments by the end of 2021, and plans to develop its own cryptocurrency.
Both news has exerted a favorable effect on market sentiment, contributing to sending BTC a skyrocket.
Bitcoin prices have now moved around the 50-day EMA (exponential moving average) and are targeting resistance at over $40,000 where previous attempts to reclaim the 50-day EMA as support have failed since the price of BTC down from an all-time high of almost $65,000 in April.
Why is 50-day EMA important? Rekt Capital, a well-known digital currency analyst, reminds us that a breakout of the 50-day EMA in October last year led to dramatical rally for Bitcoin. That’s when BTC was trading near $10,000 and broke above the 50-day EMA for a run to it's all-time high this year, according to CoinTelegraph.
In conclusion, It is assumed that a break above this resistance could see prices ascend rapidly in a short time like what happened last October.
Meanwhile, short-squeeze is fueling BTC’s price, which happens because long positions have to be reopened to cover the high amount of shorts that have opened in a recent breakdown (near $29000). Most of the crypto short liquidations happened late Sunday night coinciding with BTC‘s rising to break the $39,000 level for the first time in six weeks. According to Bybt.com, data compiled by The Block shows that $720 million has been liquidated on BTC, accounting for 81%of the squeeze.
"We've seen this in the past when bitcoin has entered a choppy trading range for several weeks, with traders positioning towards a bearish bias," said Ryan Todd, a research analyst at The Block.
Though the bullish signal is weak, experts predict that if BTC can maintain its momentum, it could reach the $100,000 mark by the end of this year. If you missed the fabulous chance last year, seize this one to win windfall with 100X leverage on Bitwells, which would enable you to make profits and maximize your profits 100 times with only a 1% margin.
How does 100X work?
With 100x leverage applied, you can use 1 BTC to open a position of 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down). Besides, Biwells has risk control instruments to maximize your profits as well as control the risks.
For example, in spot trading, if you buy 1 Bitcoin at the price of $10,000, and climbs up to $10,500, you’ll gain only $500 as profits. On Bitwells, if you invest in 1 BTC at the same price with 100x leverage, and the Bitcoin price rises to $10,500, you have a chance to get profits of more than 4.5 Bitcoins (1 BTC* (10,500-10,000)/10,000 * 100 = 4.5115 BTC, more than 350% ROI, fees included).
Advantages of Bitwells
Bitwells is a futures trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. It has extensive popularity among more than 200,000 traders from over 200 countries for the advantages below:
High Liquidity And Low Service Fees
Over 15 market makers on Bitwells guarantee the market’s liquidity and immediate transactions, providing traders accurate prices. Bitwells does not require deposit fees from users. It charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report).
Demo Account With 10 BTC
Once registered, users on Bitwells will be offered a real trading account and a demo account with 10 BTC. The simulator is user-friendly, preventing new traders from losing money without knowing the rules. In addition, users can use the demo account to learn about the trading process and test trading strategies to improve their skills.
Bitwells takes security measures akin to banks to ensure that the security of customers’ assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).
No Know Your Customer (KYC) checks, only an email address is required to complete a registration on Bitwells. No KYC means that your privacy can be guaranteed. Bitwells will not collect any information from you, and there is no need to worry about a potential leak.
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