{"id":51495,"date":"2024-08-23T01:45:00","date_gmt":"2024-08-23T01:45:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-short-squeeze-bulls-pressure-62k-btc-price-wall"},"modified":"2024-08-23T05:10:39","modified_gmt":"2024-08-23T05:10:39","slug":"bitcoin-ripe-for-short-squeeze-as-bulls-pressure-62k-btc-price-wall","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51495","title":{"rendered":"Bitcoin \u2018ripe for short squeeze\u2019 as bulls pressure $62K BTC price wall"},"content":{"rendered":"

Bitcoin (BTC) took liquidity both up and down on Aug. 22 as analysis said crypto markets are \u201clooking ripe for a short squeeze.\u201d<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Key BTC price hurdles crystallize<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView shows volatile BTC price moves within a narrow range over the past 24 hours.<\/p>\n

United States employment data revisions, along with the minutes of the Federal Reserve\u2019s latest meeting, helped spark a rally for BTC\/USD the day prior.<\/p>\n

This was short lived, however, with a return to $59,500 helping liquidate late longs before a fresh rebound to $61,000.<\/p>\n

The latest figures from monitoring resource CoinGlass put 24-hour total crypto liquidations at $124 million at the time of writing.<\/p>\n

\"\"
Crypto liquidations (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

It also showed ask liquidity increasing above $62,000, turning the level into the key target for a resistance\/ support flip.<\/p>\n

\"\"
BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Analyzing the current status quo, popular trader Crypto Feras noted that BTC\/USD had retested the area five times in the past two weeks.<\/p>\n

The more it is tested, the weaker it gets. Logically, less efforts are needed to flip it after all these tests,\u201d he wrote in part of a recent X post.<\/p>\n

\u201cFlipping it means 64.8-65k is next.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD 4-hour chart. Source: Crypto Feras<\/em><\/figcaption><\/figure>\n

While stuck in a narrow trading corridor, Bitcoin nonetheless inspired some hopes for a solid breakout based on market conditions.<\/p>\n

Vetle Lunde, senior analyst at crypto analytics firm K33 Research, flagged rising open interest along with consistently low funding rates potentially giving rise to a \u201cshort squeeze.\u201d<\/p>\n

\u201cMarket conditions are looking ripe for a short squeeze,\u201d he told X followers.<\/p>\n

\u201cBTC perps notional open interest has jumped by 30k BTC since August 13, with consistent negative funding rates. Average weekly funding rates have hit their deepest negative since March ’23.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin open interest month-to-date change. Source: Vetle Lunde<\/em><\/figcaption><\/figure>\n

Bitcoin speculators still far from breakeven point<\/h2>\n

Further up, another key area for BTC price is the short-term holder realized price, now centered around $65,000.<\/p>\n

Related:\u00a0Bitcoin macro top due in 2025 despite ‘confusing’ March all-time high<\/em><\/strong><\/p>\n

This, as Cointelegraph reported, refers to the average buy-in price of investors holding coins for up to 155 days.<\/p>\n

In bulls markets, the level traditionally acts as support, with price last falling below it for a significant length of time in August 2023.<\/p>\n

\u201cWe can say that the 64K – 66K region is a strong resistance level for Bitcoin,\u201d Burakkesmeci, a contributor to onchain analytics platform CryptoQuant, wrote in a blog post on the day.<\/p>\n

\u201cWhen short-term holders start closing their losses and moving into profit, they will likely share their success stories. These stories have the potential to attract new investors to Bitcoin.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin realized price data (screenshot). Source: CryptoQuant<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Bitcoin (BTC) took liquidity both up and down on Aug. 22 as analysis said crypto markets are \u201clooking ripe for a short squeeze.\u201d BTC\/USD 1-hour chart. Source: TradingView Key BTC price hurdles crystallize Data from … Bitcoin \u2018ripe for short squeeze\u2019 as bulls pressure $62K BTC price wall<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51496,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97,30],"class_list":["post-51495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","tag-scam-or-paying","exalt-entry"],"yoast_head":"\nBitcoin \u2018ripe for short squeeze\u2019 as bulls pressure $62K BTC price wall - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51495\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin \u2018ripe for short squeeze\u2019 as bulls pressure $62K BTC price wall - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) took liquidity both up and down on Aug. 22 as analysis said crypto markets are \u201clooking ripe for a short squeeze.\u201d BTC\/USD 1-hour chart. 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