Bitcoin has surged past $117,000, recovering from a low of $108,676 on September 26, as the U.S. government shutdown spurs increased demand for the cryptocurrency. The shutdown, resulting from a funding impasse between Republicans and Democrats, has also boosted interest in gold.
Analysts highlight that Bitcoin is navigating between two significant liquidity zones, with $8 billion in long positions vulnerable between $107,000 and $108,000, and $7 billion in short positions at risk between $118,000 and $119,000. The cryptocurrency's recent 7.83% gain underscores its appeal as a hedge in times of political uncertainty.
Bitcoin Climbs Above $117,000 Amid U.S. Government Shutdown
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