The bearish trend in the crypto space led BTC prices to drop by 10% last week. Bitcoin price rebounded immediately from $43k to $46k. However, with breakout BTC’s 200-day MA crossed the 50-day MA leading to a much-awaited Golden-Cross. As Coinpedia reported earlier that significant selling pressure would build in between $48k and $50k, it is actually happening now!
Well, a recent report from Glassnode indicates traders are shorting BTC as little short squeeze is underway. This short-squeeze could further push the ongoing BTC price rally provided oversold conditions on the chart. Investors increasingly shorting bitcoin with stablecoins as collateral. As bitcoin whales continue to accumulate BTC, the current squeeze is good news for investors going long.
However, whenever Bitcoin attempts the golden cross, an intense selling pressure outspreads the market. Even technical indicator RSI factor indicating overbought conditions, where we can see a significant sell momentum, which may result in a slight pullback of BTC price.
Bitcoin Price Can Still Go Up!
Bitcoin whale addresses holding 100 to 10k BTC have bagged 60k more coins in just 3 days. At the same time, the price rallied by 5%. At present, the BTC price is in discovery mode. Amid speculations of strategies followed by some whales to pump and dump the price, soon breakdown or breakout is awaited!
If BTC price clears crucial levels around 49k, then a breakout is mandatory in order to trace its new ATH. However, if it fails to find the support, the price may heavily fall as there are no immediate support levels present between $43k to $48.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.