In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC).

Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According to him, this means “bulls [are] getting levered up here,” potentially setting the stage for a long squeeze in the future. Analysts are currently divided over what this means for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the fact that it slipped below a number of supports as if it was a hot knife going through butter.

According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is likely to retest $8,000 in the near future. We shorted, now we long to 8k pic.twitter.com/zmYQm2psQZ

— Flood [BitMEX] (@ThinkingUSD) March 28, 2020 Featured Image from Shutterstock https://www.newsbtc.com/2020/03/30/bitcoin-just-surged-to-6500-after-over-10-weekend-crash/