Bitcoin, as usually at this period of the month made his violent move by $1200, this time to the upside caught bears by surprise. Only on Bitmex $157 million were liquidated in one hour.

The market sentiment was bad and traders were looking to lower levels to buy, but usually happens the opposite of what the majority were expecting to happen.

But what caused this sudden price surge?

Of course, the answer to this question is hard, because manipulation has become a norm in crypto markets, but let assume there is not manipulation and whales that coordinate between them to move the price at their benefit.

CME gap filled.

CME gaps are usually filled in 90% of the times and traders use these gaps to set targets. Also, today was the day when Futures on CME expire and these are usually days characterized by high volatility in BTC prices.

Bitcoin Long Scalp I see a lot of reasons to test $7900.

– CME gap

– 61.8% of the drop

– Funding dispairty between longs and shorts

– Nice hold on the $7300 level that was previous support That being said, I’ll probably trail my stop to break even if we get any sort of a bounce pic.twitter.com/GwBF6tfmJb — Jacob Canfield (@JacobCanfield) October 24, 2019

Bakkt volume hit a new record

Bakkt has a slow start but is seems that it is picking volume, which means that interest in bitcoin is increasing. Bakkt offers future contracts settled in bitcoin, unlike CME futures contracts that are settled on U.S. dollars.

ICYMI: Wednesday’s Bakkt Bitcoin Monthly Futures: 💸 Traded contracts: 640 (+653%) (New ATH 🚀)

📈 Day before: 85

🚀 All time high: 640 *bleep blop* tip sats: https://t.co/TF6sNUwWpO 🤖 pic.twitter.com/cUG9qzf47E — Bakkt Volume Bot (@BakktBot) October 24, 2019

China news about blockchain adoption in the economy, despite they mentioned blockchain, not bitcoin.

Despite speculative theories about what would have caused this surge in price, this sudden moves within minutes of a massive green candle or massive sell of are clearly a work of group usually in the derivative markes which works like a charm to liquidate positions on both sides, shorts and longs.