In a very bullish William Suberg headline indicated that Bitcoin is “poised for a short squeeze” as bulls push against USD 62,000 by setting key battle lines as market metrics suggest a possible breakout of BTC's short-term price trading range.
It was learned that, “U.S. employment data revisions, along with the minutes of the latest Federal Reserve meeting, helped trigger a rally for BTC/USD the previous day.”
However, this was short-lived, with a return to USD 59,500 helping to liquidate late longs before a further bounce to USD 61,000. The latest figures from monitoring resource CoinGlass put total 24-hour cryptocurrency settlements at USD 124 million at the time of writing.
Namely popular trader Crypto Feras noted that BTC/USD had re-tested the area five times in the last two weeks, “The more it is tested, the weaker it becomes. Logically, it takes less effort to change it after all these tests.”
On the other hand, Vetle Lunde, senior analyst at cryptocurrency analysis firm K33 Research, pointed to rising open interest coupled with consistently low funding rates that could lead to a “short squeeze.”
SOURCES CONSULTED
Cointelegraph. Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall. Link
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