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Bitcoin price experienced a massive spike towards $100,000 on its Quarterly Futures chart.
According to the official Binance announcement, a single user placed several large orders over a very short period of time creating an insane BTC candlestick wick up to $99,964.
This incident did cause the entire Crypto market to shake.
According to Binance, because Futures uses the mark price for liquidations and other calculations, no one was actually liquidated when the BTC price touched $99,964, however, on the spot market, there was a large fluctuation in price.
In less than 1 hour, Bitcoin went from a high of $12,123 to $10,518 before quickly recovering above $11,000.
Ethereum price also got affected dropping from $415 to $325 in the same time frame.
Other major coins suffered the same price action.
In other trending Bitcoin News today:
Bitcoin Now ‘Perfectly on Track’ to $100K, Says Stock to Flow Creator
PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs.
The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC. He recently shared,
“I can’t make a chart for you now (at sea), but S2F model perfectly on track.”
At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline.
As Cointelegraph reported, traders seemingly expect BTC to test higher resistance levels in the near term.
Altcoins declined particularly in the past 72 hours when the price of Bitcoin started to rally.
Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.
In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins.
Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group, said:
“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”
In other trending BTC news today:
Chainlink (LINK) Surges 12% to a Fresh All-Time High of $9.72
For the first time in its multi-year history, the Chainlink price passed above $9.00 for the first time ever on Monday.
At the local highs, the asset reached a price of $9.72, as per data from CoinMarketCap.
This surge comes after Chainlink was subject to a strong retracement after hitting $8.94 near the middle of July.
Like many other leading altcoins, LINK suffered from volatility in the prices of Bitcoin and Ethereum, which centralized gains in those market players.
LINK currently trades at $9.50 as of this time, having dropped slightly from the local highs (which is also the all-time high).
According to Santiment, blockchain analytics firm, indicated amid the surge that there has been an uptick in trading volume and social sentiment.
This may suggest that Chainlink does have room to rally.
What it may also show, though, is that a near-term peak may be reached.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.