In my new video I discuss an interesting development regarding the Bitcoin price. The crypto market took an unexpected turn last night. While many of us were sleeping, Bitcoin (BTC) made a significant jump. This was probably the result of a “short press‘.
What is a Bitcoin Short Squeeze?
In a short squeeze, traders who are short are forced to close their position by buying, often resulting in a rapid rise in price. This happened last night with Bitcoin. The question arises for me: Can this “copsNow push for a higher price target of $26,800 to $27,000 or even $28,100?
The above video analysis shows that several technical indicators have already somewhat predicted this move. The graphics showed an area ‘hammer candlestick‘ and other indicators that suggested an upward move was imminent. The open interest The market also rose, which could also be a harbinger of a short squeeze.
Bitcoin Price Targets
And now? What are my Bitcoin price goals for the near future? There is a strong resistance around $26,800-$27,000 and if this is broken, the price could even rise to $28,100. However, there is a lot of liquidity below the current price, suggesting that a bearish move could also occur.
Watch the video above to see my full analysis of Bitcoin.
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