Bitcoin returns above USD 38,000 for the first time since mid-June. The largest settlements in the last three months exceed USD 1 billion.

It seems that the price of Bitcoin (BTC) is starting to make the bullish movements that various analysts had anticipated. However, many traders have inadvertently lost millions of US dollars along the way.

In recent days, the pioneering cryptocurrency has increased by 7%, exceeding USD 38,000. Meanwhile, there have been liquidations of more than USD 900 million against bearish traders on various exchanges, according to data from ByBt.

The settlements correspond to those who have bet lower on BTC in trading markets with leverage. They occurs when the price direction is contrary to what the trader’s position anticipates and touches a certain level against it.

The liquidation against the bears has been the highest in the last three months and the fifth largest overall. There have been settlements between USD 1 billion and USD 3.1 billion on exchanges to traders betting higher in the middle of the May crash.

Bitcoin has had several consecutive days in the green, losing the USD 30,000 support on July 20th. Last week, it rose by more than 11%, closing above USD 35,000 despite the decline, according to data from TradingView.

BTC is currently in a bullish move, breaking USD 38,000 for the first time since mid-June. The price of the cryptocurrency recently approached USD 40,000 without actually breaking that level. At its highest point, the crypto asset was several cents away from touching USD 39,800.

Bitcoin Market Is in Full Green

The increase in the price of Bitcoin exceeds 22%, according to data from CoinMarketCap. Various analysts, including Willy Woo, anticipated an imminent bullish breakout, which seems to be happening now.

As usual, when BTC is on the rise, the rest of the market moves alongside it. Therefore, leading cryptocurrencies have gone up as well.

The most prominent with increases above 10% are Polygon (MATIC), Ethereum Classic (ETC), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), Dogecoin (DOGE), and Cardano (ADA).

Elon Musk Says that Bitcoin May Have Achieved Sustainability

The price of Bitcoin fell from USD 65,000 due to the suspension of payments with Bitcoin for Tesla electric cars. Since then, the pioneering cryptocurrency has not been strong enough to rise above USD 40,000 except for a couple of times. A series of adverse events have accompanied the interruption of the bullish run following the Tesla announcements.

Elon Musk stopped accepting Bitcoin due to alleged harm to the environment by digital mining. However, events after that announcement showed that the polluting footprint of this business is lower than what many think.

In that sense, the entrepreneur stated that Bitcoin seems to be at an acceptable threshold concerning its environmental impact. Hence, he explained that his company is conducting all the evaluations to accept payments with that crypto asset again.

By Alexander Salazar

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