Bitcoin Breaks Shorts as BTC Price Tries to Break $20.5K
Further moves within the range nevertheless see the bulls avoid another retest of more crucial support.
Market Update
Bitcoin (BTC) recovered and held $20,000 through October 6, with the latest rally punishing short-term speculators.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from local lows of $19,740 on Bitstamp around the October 5 Wall Street open.
The pair then reversed earlier losses, dragging the first shorts into closeouts of $20 million in 24 hours.
BTC Liquidation Chart (screenshot ). Source: CoinglassAt the time of writing, Bitcoin was trading around $20,250, having hit $20,447 that day.
Michael van de Poppe, CEO and founder of trading firm Eight, had flagged the dips as a suitable entry point.
"A correction is indeed underway where $19.8000-19.9000 is an area to look for, but a retest around $19.6000 is also important for Bitcoin," he wrote at the time.
Popular trader Il Cap of Crypto meanwhile reiterated his existing thesis on the near-term outlook for the crypto market. BTC/USD should continue to rise, he argued, before a decisive rejection sends the market below its recent trading range.
"Expectations are 3-6% upside across the market, on average," he predicted:
"Some shitcoins may be the exception and have higher returns. So...
Further moves within the range nevertheless see the bulls avoid another retest of more crucial support.
Market Update
Bitcoin (BTC) recovered and held $20,000 through October 6, with the latest rally punishing short-term speculators.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from local lows of $19,740 on Bitstamp around the October 5 Wall Street open.
The pair then reversed earlier losses, dragging the first shorts into closeouts of $20 million in 24 hours.
BTC Liquidation Chart (screenshot ). Source: CoinglassAt the time of writing, Bitcoin was trading around $20,250, having hit $20,447 that day.
Michael van de Poppe, CEO and founder of trading firm Eight, had flagged the dips as a suitable entry point.
"A correction is indeed underway where $19.8000-19.9000 is an area to look for, but a retest around $19.6000 is also important for Bitcoin," he wrote at the time.
Popular trader Il Cap of Crypto meanwhile reiterated his existing thesis on the near-term outlook for the crypto market. BTC/USD should continue to rise, he argued, before a decisive rejection sends the market below its recent trading range.
"Expectations are 3-6% upside across the market, on average," he predicted:
"Some shitcoins may be the exception and have higher returns. So...
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