Bitcoin Price Analysis: Bulls Reverse Entire Bearish Drop

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Summary:

  1. A $1,500 candle proved bullish resolve for the bitcoin price as the entire bearish drop that occured this week was engulfed.
  2. The market is currently testing a major level in the $8,800s and there is a potential short squeeze setup that could propel the market even further. There are a ton of stops built up over the last month that could take quite the beating if we break our range-high level.
  3. A short squeeze would have the market testing the next macro level in the mid-$9,000s.  

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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