Bitcoin Short Squeeze ‘Not Over’ As BTC Price Expects 17% Weekly Gain

Bitcoin Short Squeeze 'Not Over' As BTC Price Expects 17% Weekly Gain
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Bitcoin (BTC) remained higher until September. 10-week close as optimistic forecasts favored the next $23,000.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

$23,000 targets remain in place

History Cointelegraph Markets Pro and TradingView BTC/USD hit $21,730 overnight on Bitstamp – the most since August. 26.

The couple made it keep your previous gains although low-volume weekend trading conditions are apt to amplify any weaknesses.

The excitement was palpable among analysts heading into the new week, which plays a key role for short-term cryptocurrency price action.

Ethereum (ETH) merger and fresh United States inflation data were the main catalysts expected to influence the market.

“Expect volatility to increase around next week’s economic data,” on-chain monitoring resource Material Indicators he wrote in part of a tweet over the weekend.

“Meanwhile, remember… THIS is a rally. If you don’t take profits along the way, you risk paying it all back.”

The accompanying chart showed the Binance BTC/USD order book at a solid resistance near $21,500, which the bulls subsequently breached.

BTC/USD order book data (Binance). Source: Material Indicators/Twitter

For Il Capo, popular crypto account, there was room for further growth in the meantime.

hey he addedhowever, there was a “90% chance” that BTC price action would return below $20,000 in the future.

$23,200 was also a target for trader CJ, who looked at various short-term levels for clues to long and short entry positions.

The “months of September” are beaten

Thus, the weekly close looked like a three-week high, with Bitcoin already trading above its closing prices since the second half of August.

Related: Bitcoin analyst calls 2018 bottom, warns ‘bad winter’ could see $10k BTC

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

In the macro, hopes for a sustained risk asset rally will be louder, analyst Hernik Zeberg is particularly confident.

“Every time inflation peaks – stock rallies! EVERY TIME! And RSI (momentum) – is in a reversal zone,” he said. argued on the day

“US CPI will be out on Tuesday. This time will be no different!”

US inflation vs. S&P 500 interpretive chart. Source: Henrik Zeberg/Twitter

July CPI data suggests that the U.S. may already seen peak inflation.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading action involves risk, you should do your own research when making a decision.