Bitcoin price must take $26K, trader says after ‘textbook short squeeze’
Bitcoin shorts start to suffer thanks to a $1,000 BTC price relief rally, but key resistance remains in place. Bitcoin (BTC) rebounded off three-month lows on Sept. 12 as traders voiced suspicion over BTC price behavior. BTC/USD 1-hour chart. Source: TradingView 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. #FireCharts shows 2 large #BTC Buy Walls have been rugged. Support test is inbound. pic....