CRYPTO

Bitcoin prices fall below $ 60K as expectations for new BTC ‘short squeeze’ set


November 18 Bitcoin (BTC) cuts and changes but retains a significant support level to protect the new all-time high opportunity.

BTC / USD 1-hour candlestick chart (bitstamp). Source: Tradingview

$ 90,000 remains on the table

Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as it was between $ 59,000 and $ 60,000 on Thursday, seeing a $ 1,000 swing per minute.

As the pair’s overall range continues to narrow, the discussion has turned into a potential “short squeeze” that has pushed its spot price to new, higher levels.

“Based on the futures market structure, the funding rate and OI trend trends are creating the perfect setting for the ‘short-squeeze’ scenario,” a contributor to the on-chain analytics firm CryptoQuant argued on Wednesday.

“So the question is, which price range will serve as the support level?”

A similar incident occurred in late September when Bitcoin suddenly rose to an almost uncontrollable profit in one week, peaking at $ 55,000.

For the popular trader crypto ad, the recent নিম্ন 58,400 low was likely to be a more specific floor.

“Probably a little too early to post because the bottom part may not be there yet, but I’m getting excited when testing the next goals that don’t seem so far away!” He Entrepreneur Wednesday.

“If I’m already in or close to $ 57k, the target is more or less the same ….. $ 90,000 and somewhat.”

BTC / USD scenario. Source: CryptoAd / Twitter

Analysts warn investors complacency

Such price targets have become increasingly controversial as Bitcoin bull stalls fall below $ 70,000, with PlanB’s “worst case scenario” approaching $ 98,000 in November, less than two weeks away.

Related: Bitcoin holders who bought at $ 20K refused to sell BTC at all-time highs – latest data

This week, Planby reiterated the difference between that prediction and its stock-to-flow bitcoin price models, with the latter remaining intact with a failure to hit it.

In the short term, though, some feel the market is still unprepared to support the new BTC price run-up.

Highlighting the lack of “fear” in sentiment, traders and analysts were wary of the possibility of Rect Capital reversing a full-on trend.

“It doesn’t look like BTC investors are afraid enough about the price of this retreat that it’s over yet,” he said. To warn.

“It’s the ultimate fear that comes before most financial opportunities, not neutrality.”

The Crypto Fear and Greed Index stood at 54/100 on Thursday – the “neutral” zone – reached a local high of 84/100 on November 9.

Crypto is an indicator of fear and greed. Source: Alternative.me