Bitcoin breaks above $20,000 on US Dollar decline as BTC price gains 8.7%
Dip in US Dollar strength provides the fuel for a short Bitcoin squeeze liquidating over $60 million in shorts.
Market Update
Bitcoin (BTC) surged above $20,000 on September 9 as a much-anticipated “short pressure” set in.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD added as much as $2,700 (8.7%) in hours on the day, hitting its highest level since August 26.
After weeks of range punctuated by successive downward movements, Bitcoin has finally given the bulls what they wanted.
For Crypto's popular Il Capo trading Twitter account, the upside still had the potential to continue as of this writing, with BTC price action targeting $21,000.
"The bears are very weak here, in my opinion it will continue to increase soon", he predicted.
Crypto’s Il Capo had long predicted a relief bounce taking Bitcoin to around $23,000 before the downtrend resumed.
"It is crucial for Bitcoin to reverse the $20,000 zone," agreed Michaël van de Poppe, CEO and founder of trading company Eight.
"If that happens, $23,000-25,000 seems like the next step."
Bitcoin short liquidations on exchanges tracked by on-chain monitoring resource Coinglass totaled $64 million for September...
Dip in US Dollar strength provides the fuel for a short Bitcoin squeeze liquidating over $60 million in shorts.
Market Update
Bitcoin (BTC) surged above $20,000 on September 9 as a much-anticipated “short pressure” set in.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD added as much as $2,700 (8.7%) in hours on the day, hitting its highest level since August 26.
After weeks of range punctuated by successive downward movements, Bitcoin has finally given the bulls what they wanted.
For Crypto's popular Il Capo trading Twitter account, the upside still had the potential to continue as of this writing, with BTC price action targeting $21,000.
"The bears are very weak here, in my opinion it will continue to increase soon", he predicted.
Crypto’s Il Capo had long predicted a relief bounce taking Bitcoin to around $23,000 before the downtrend resumed.
"It is crucial for Bitcoin to reverse the $20,000 zone," agreed Michaël van de Poppe, CEO and founder of trading company Eight.
"If that happens, $23,000-25,000 seems like the next step."
Bitcoin short liquidations on exchanges tracked by on-chain monitoring resource Coinglass totaled $64 million for September...
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