Bitcoin was up 5.22%, quoted at R$ 151.71 thousand (US$ 31.51 thousand) this Monday (6), around 18:45, Brasília time. The increase is linked to a flow of buyers, according to analysts interviewed by CNN Brasil Business .
Felipe Medeiros, cryptocurrency analyst and partner at Quantzed Cryptos, explains that the movement is due to the so-called “short squeeze”, which is when traders bet on the asset’s fall and are liquidated in a cascade, “being forced to close their short positions”.
The appreciation is also explained by a more robust recovery of assets in the crypto market, which had very timid gains last week, taking off from US stock exchanges, still in the range of $28 to $30,000. “Today’s rise somehow compensates for this detachment”, says Medeiros.
Felipe Vella, equity analyst at Ativa Investimentos, highlighted that since 4 pm on Sunday (5) many players have observed bitcoin at lower levels and there has been an interested buyer flow ever since.
With that, the expert believes that the digital currency could hit $46,500 if this trend continues.
The crypto has since May 9 trading between $28,600 and just under $32,000. As such, Alex Buelau, CTO at Parfin, pointed out that this is a normal move for bitcoin. “We can only consider it a rally if it closes above $32,000.”
Caio Villa, investment director at Uniera, also has the same opinion about not having any specific reason for the cryptocurrency movement. According to him, movement of approximately 4.5% is just a normal market day.
“I don’t even consider it a rise, if it were for a quote above $33,000, then we could think of it that way.”
Source: CNN Brasil
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