Crypto Market Defies Bearish Headlines with Unexpected Surge
The cryptocurrency market is experiencing an unexpected surge despite five major bearish headlines this week. Bitcoin has broken above $80,000, and its dominance stands at 56.74%, with a total market capitalization of $1.63 trillion.
According to CoinGecko data, the global crypto market cap reached $2.88 trillion, representing a 3.69% gain in 24 hours. However, this is still 31.36% below its level from one year ago.
The market's resilience can be attributed to several factors, including ETF inflows and squeezed short sellers. Spot Bitcoin ETFs took in $433.03M on September 18, while short sellers lost $492.86M in liquidations.
Crypto Rover notes that a weekly close above the 50-week moving average would confirm a bull run. If this happens, it could be a significant turning point for the market.