Bitcoin short squeeze 'not done' as BTC price eyes 17% weekly gains
Analysts still believe BTC price action can break $23,000 in Ethereum Merge and US CPI data.
Market Update
Bitcoin (BTC) remained higher until the weekly close on September 10, with bullish forecasts supporting $23,000.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $21,730 on Bitstamp overnight, the most since August 26.
The pair managed to hold onto earlier gains despite low volume trading conditions over the weekend that could amplify any weakness.
Among analysts, excitement was palpable at the start of the new week, which should prove crucial for near-term crypto price action.
The Ethereum (ETH) merger and new US inflation data were the main catalysts believed to influence the market.
“Expect volatility to pick up around next week’s economic data,” on-chain monitoring resource Material Indicators wrote in part of a tweet over the weekend.< /p>
"In the meantime, remember... This is a rally. If you don't make a profit along the way, you risk giving it all back."
An attached chart showed that the Binance BTC/USD order book offered strong resistance near $21,500, an area the bulls then appeared to overcome.
BTC/USD Order Book Data ( Binance)...
Analysts still believe BTC price action can break $23,000 in Ethereum Merge and US CPI data.
Market Update
Bitcoin (BTC) remained higher until the weekly close on September 10, with bullish forecasts supporting $23,000.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $21,730 on Bitstamp overnight, the most since August 26.
The pair managed to hold onto earlier gains despite low volume trading conditions over the weekend that could amplify any weakness.
Among analysts, excitement was palpable at the start of the new week, which should prove crucial for near-term crypto price action.
The Ethereum (ETH) merger and new US inflation data were the main catalysts believed to influence the market.
“Expect volatility to pick up around next week’s economic data,” on-chain monitoring resource Material Indicators wrote in part of a tweet over the weekend.< /p>
"In the meantime, remember... This is a rally. If you don't make a profit along the way, you risk giving it all back."
An attached chart showed that the Binance BTC/USD order book offered strong resistance near $21,500, an area the bulls then appeared to overcome.
BTC/USD Order Book Data ( Binance)...
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