Sep 12, 2023

Kava Crypto Trader Sees Bitcoin Reaching $26K After ‘Textbook Short Squeeze’

Suspicion arose among traders as Bitcoin (BTC) rebounded from three-month lows on Sept. 12, with the crypto crypto.com, Lunar Crypto, Helium Crypto, Crypto Shiba Inu, ICP Crypto, Kraken Crypto, Kava Crypto, Crypto Com Today, Quant Crypto, and Compound Crypto markets all experiencing a surge. Bitcoin shorts feel heat as BTC price adds $1,000 Data from…

Crypto.com, Lunc Crypto, Helium Crypto, Shiba Inu Crypto, ICP Crypto, Kraken Crypto, Kava Crypto, Crypto.com Today, Quant Crypto, Compound Crypto - Bitcoin Price Must Take $26K, Trader Says After ‘Textbook Short Squeeze’
Bitcoin price must take $26K, trader says after ‘textbook short squeeze’

Suspicion arose among traders as Bitcoin (BTC) rebounded from three-month lows on Sept. 12, with the crypto crypto.com, Lunar Crypto, Helium Crypto, Crypto Shiba Inu, ICP Crypto, Kraken Crypto, Kava Crypto, Crypto Com Today, Quant Crypto, and Compound Crypto markets all experiencing a surge.

Bitcoin shorts feel heat as BTC price adds $1,000

Data from Cointelegraph Markets Pro and TradingView followed a snap return to levels seen after the weekly close on BTC/USD.

Bitcoin had seen immediate weakness on the previous day’s Wall Street open, briefly dipping below $25,000 to cap its worst performance since mid-June.

The subsequent comeback took the largest cryptocurrency $1,000 higher, but at the time of writing, $26,000 still acted as resistance.

Ahead of time, on-chain monitoring resource Material Indicators warned that BTC price would soon face a “support test” thanks to bid liquidity further down the order book being removed.

In further preemptive analysis, Material Indicators and others noted that previous support “rug pulls” had ultimately produced Bitcoin market upside instead, with large-volume traders clearing liquidity from immediately around spot price.

Continuing, co-founder Keith Alan predicted that $24,750 would hold as support on the down move, something which at the time of writing holds true for Crypto.com, Lunc Crypto, Helium Crypto, Shiba Inu, ICP Crypto, Kraken Crypto, Kava Crypto, Crypto.com Today, Quant Crypto, and Compound Crypto.

After the recovery, which he called a “textbook short squeeze,” popular trader Skew was among those calling for bulls to overcome $26,000 resistance.

“$25.6K – $25.3K still important for structure & confirmation of buyers,” Skew added.

Data from monitoring resource CoinGlass showed total BTC short liquidations at just over $12 million for Sept. 12 so far, while $71 million in BTC longs suffered the day prior.

Bitcoin price: “Next impulse” incoming?

Credible Crypto, a popular trader, is optimistic that a Bitcoin market cap dominance breakout could be a precursor to the next bullish BTC price move. He recently highlighted a local downtrend in X analysis that was last tested in mid-June and resulted in over $7,000 in gains over two weeks.

“Five days after BTC dominance broke its local downtrend, price followed suit with the next impulsive leg which was a $7,000 move,” he noted.

As crypto.com, lunc crypto, helium crypto, shiba inu, icp crypto, kraken crypto, kava crypto, crypto com today, quant crypto, and compound crypto traders wait for the next impulse, they are hoping for a similar outcome.

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