Credible Crypto Looks Into The State Of Bitcoin Amid Short Squeeze
A top crypto market analyst, known as Credible Crypto is looking into Bitcoin (BTC) and what could be ahead for the leading crypto asset after it jumped from $35,000 to $40,000 in the past few days.
The analyst shared with his 311.8K followers on Twitter that an “aggressive short squeeze” boosted BTC’s price up, but it could pull back to around $29-$32K level.
“Got an aggressive short squeeze yesterday. Not sure if it will hold but if it does, resistance at $42,000. If we retrace the squeeze, then in my opinion we bottom between $29,000-$32,000 as per my last post. At any point, a HTF (high timeframe) close above monthly resistance indicates confirmation of a bottom.”
Got an aggressive short squeeze yesterday. Not sure if it will hold but if it does resistance at 42k. If we retrace the squeeze then imo we bottom between 29-32k as per my last post. At any point, a HTF close above monthly resistance indicates confirmation of a bottom. $BTChttps://t.co/k7BFk6B5ZKpic.twitter.com/ZgyC4tmOOe
A short squeeze is an unusual condition that triggers rapidly rising prices of an asset. For a short squeeze to occur, the security must have an unusual degree of short sellers holding positions in it. The short squeeze begins when the price jumps higher unexpectedly.
In this case, investors were putting money on Bitcoin to fall through $35,000 following Russia’s announcement of its military operation in Ukraine. But, the opposite happened and BTC moved up, which in turn forced investors who were short on BTC to buy over $300 million worth of BTC on February 24th, which acted as a catalyst (short squeeze) to push the price up to $40,000 on February 26th.
