Bitcoin Recovers From Dip to Set New Record High Close to $50K

Bitcoin printed new lifetime highs near $50,000 this morning, having crowded out excess bullish leverage in the derivatives market with a swift price drop on Monday.

The top cryptocurrency by market value clocked a record high of $49,950.93 at around 08:00 UTC Tuesday and was last seen trading near $49,280, representing a 2.8% gain on the day, according to CoinDesk 20 data.

Prices had fallen Monday by $3,000 to below $45,926 during the early Asian trading hours, triggering nearly $392 million-worth of long liquidations in the derivative market.

While the dip was short-lived, a breakout above $50,000 has so far remained elusive. Bitcoin now needs the help of cash/spot buyers to rise above $50,000, according to Patrick Heusser, head of trading at the Swiss-based Crypto Finance AG.

“Everyone in derivatives have done their job, and they look exhausted,” Heusser told CoinDesk, adding that prices could consolidate between $44,000 and $50,000 if spot buyers continue to

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