Bitcoin's Volatility Continues as Short Squeeze Sparks New Highs and Raises Questions About the Final Correction
Summary:
Bitcoin's volatility continues as a short squeeze drives the cryptocurrency to new highs in September. Despite a brief climb above $26,400, Bitcoin's price falls back below $26,000. Short liquidations total $23.5 million on September 7. Analysts analyze the significance of reclaiming lost ground from August. Trader Crypto Tony believes Bitcoin needs to clear $26,600 for further market entry. Bitcoin holds above its 200-day exponential moving average. Analyst Michaël van de Poppe suggests this could be the final correction before a new cycle begins. No investment advice provided.
Bitcoin's volatility continued as a short squeeze drove the cryptocurrency to new highs in September. Data from Cointelegraph Markets Pro and TradingView showed that both shorts and longs were liquidated. Despite initially climbing above $26,400, Bitcoin's price later fell back below $26,000. Late traders who tried to chase the market suffered the consequences, with short liquidations totaling $23.5 million on September 7. Reclaiming lost ground from August was seen as significant, and analysts are now watching to see if September will be a positive month for Bitcoin. However, trader Crypto Tony believes Bitcoin needs to clear $26,600 before he would consider entering the market. Meanwhile, Bitcoin continues to hold above its 200-day exponential moving average. Analyst Michaël van de Poppe suggests that this could be the final correction before a new cycle begins. It's important to note that this article does not provide investment advice.
Published At
9/8/2023 12:21:25 PM
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