Home CryptocurrencyAltcoin Bitcoin’s short squeeze isn’t “over” as BTC price projects 17% weekly gain

Bitcoin’s short squeeze isn’t “over” as BTC price projects 17% weekly gain

by SuperiorInvest

Bitcoin (BTC) remained higher until the weekly close of September 10 as bullish forecasts favored $23,000.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

The $23,000 goals remain in place

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $21,730 overnight on Bitstamp – the highest since August 26.

The pair succeeded retain their previous gains despite the low volume weekend trading conditions being conducive to amplifying any weakness.

There was palpable excitement among analysts heading into the new week, which should prove pivotal for short-term cryptocurrency action.

Ethereum (ETH) The merger and fresh US inflation data were the main catalysts to influence the market.

“Expect volatility to pick up around next week’s economic data,” a source monitoring the Material Indicators chain he wrote in the weekend tweet section.

“Meanwhile, remember… THIS is a gathering. If you don’t take a profit on your journey, you risk paying it all back.”

The accompanying chart showed the Binance BTC/USD order book providing solid resistance near $21,500, a zone the bulls subsequently appeared to have breached.

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

Meanwhile, there was room for further improvement for the popular Il Capo of Crypto account.

He he addedhowever, that there was a “90% chance” of BTC price action going back below $20,000 in the future.

$23,200 was also a target for trader CJ, who was watching various short-term levels to see if there were long and short entry positions.

The “Septembears” take a beating

The weekly close thus looked like a three-week high, Bitcoin was already trading above the closing prices since the second half of August.

Related: Bitcoin analyst who called 2018 the bottom warns that ‘bad winter’ could see BTC $10,000

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

As for the macroeconomic situation, hopes of a sustained recovery in risk assets have become louder, with analyst Hernik Zeberg particularly confident.

“Every time inflation peaks – the stock market recovers! EVERY TIME! And the RSI (momentum) – is in the pivot zone,” he said he argued on that day.

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

US Inflation Vs. S&P 500 annotated chart. Source: Henrik Zeberg/Twitter

The July CPI data showed that the US may have already seen peak inflation.

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

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