As the price of Bitcoin is rising constantly, BTC futures markets have started to build on weekend momentum witnessing the surge in the price of assets on exchanges. On some exchanges, the price of Bitcoin even managed to touch the mark of $40,000, and talking about the Bitcoin futures, they were even higher while touching the mark of $48K on Binance Futures. 

Bitcoin Price Surges on Binance Futures

In accordance with the data released by the leading market data aggregators, Bitcoin has gained over 14% in the past 6 hours. The price of Bitcoin has pulled back to trade at the level of $38,300 at the time of writing this article after witnessing a rise of 7% in a day.

On Saturday, a huge momentum was seen there in the market when BTC broke out of a trading range at around $32K. 

BTC Shorts Liquidated

While the price of BTC has moved above the 50-day moving average and is aiming resistance at around $41K where the previous highs have been made. 

Jonny Moe, a trader, and analyst released a comment on this situation that said:

“BTC going after the 50d, a big test. Haven’t been above it since May 10th. The last time we crossed above it was Oct 8th, 2020 and we went from $11k to $65k.”

In addition to this, it should be noted that the data revealed from Glassnode suggested over $110 million in short positions have been liquidated in a matter of ten minutes.

$111,000,000 of shorts liquidated in 10 minutes.

REKT pic.twitter.com/kXqYcA6P04

— Will Clemente (@WClementeIII) July 26, 2021

What Pushed the Market

At the recently conducted virtual meet regarding Bitcoin, Elon Musk announced that Tesla is planning to accept Bitcoin payments again.

Apart from the flagship cryptocurrency, other assets in the market are also enjoying the bull run As Ethereum, Cardano, Polkadot, Chainlink, and Litecoin are all running.