Bitcoin price fell below $60,000 as expectations of “short squeeze” on new BTC were established


Bitcoin (Bitcoin) Fell sharply on November 18, but it was still at a key support level in order to retain the opportunity to hit a record high.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

90,000 dollars left on the table

Data from Cointelegraph Markets Pro with Transaction view Immediately after BTC/USD, the price on Thursday was between 59,000 USD and 60,000 USD, fluctuating by 1,000 USD within a few minutes.

As the overall range of the currency pair became narrower and narrower, the discussion turned to a potential “short squeeze” entry to push its spot price to a new higher level.

“Based on the structure of the futures market, funding interest rates and OI momentum trends are forming a perfect environment for the’short squeeze’ scenario,” a writer for the on-chain analysis company CryptoQuant debate Wednesday.

“The question then is, what price range will serve as a support level?”

A similar incident occurred at the end of September, when Bitcoin suddenly soared to an almost unlimited week, reaching a maximum of $55,000.

For popular trader Crypto Ed, the low of $58,400 in recent days may be a clearer bottom line.

“The release may be a bit early, because the bottom may not have reached yet, but when I check the next target that doesn’t seem to be so far away, I’m very excited!” He adventure Wednesday.

“If my reserve price is already or about $57,000, the target is more or less the same… $90.000 and a little bit.”

BTC/USD scenario.Source: Encrypted editor/Twitter

Analysts warn investors of complacency

With Bitcoin’s bull market stagnating below $70,000, such price targets have become increasingly controversial, and the “worst-case scenario” of PlanB’s November closing price of $98,000 is less than two weeks away.

related: Bitcoin holders who bought for $20,000 refused to sell BTC at historical highs — the latest data

This week, PlanB reiterated the difference between the forecast and his stock-to-flow Bitcoin price model, but failed to achieve this, and the latter remained intact.

However, in the short term, some believe that the market is still not ready to support the new BTC price increase.

Traders and analysts Rekt Capital emphasized the lack of “fear” in market sentiment and remain sober about the possibility of a full-scale trend reversal.

“It seems that BTC investors’ fear of price is not enough to make this retracement just over,” he said warn.

“Before the biggest financial opportunity is extreme fear, not neutrality.”

this Crypto Fear and Greed Index On Thursday it was 54/100-the “neutral” zone-reaching a local high of 84/100 on November 9.

Crypto Fear and Greed Index. Source: Alternative.me