Bitcoin (BTC) continued volatility at the Wall Street open on Sept. 8, with a typical “short squeeze” triggering new September highs.
Bitcoin price round-trips to $24,400
Data from Cointelegraph Markets Pro and transaction view Shows BTC price action with both shorts and longs liquidated.
Bitcoin had seen upward momentum the previous day, eventually breaking above $26,400 after the daily close.
Still, the ensuing drop sent BTC/USD in a circle, with the pair back below the $26,000 mark at the time of writing.
Alright – let’s break the lows again shall we? pic.twitter.com/EVeXRnuwJ6
— Jelle (@CryptoJelleNL) September 8, 2023
The result is a punishment for traders who chased up and down in the later stage. According to monitoring resource CoinGlass, short liquidations totaled $23.5 million on Sept. 7, while long liquidations totaled Sept. 8 was unclear.
“Shorts hunted as expected,” wrote prominent trader Skew in an overnight market report on X (formerly Twitter).
bitcoin dollar Binance and Bybit open interest
As expected, the shorts were huntedNote that the price reaction to the added open interest here is small and the ever-decreasing bid increments mean more shorts extend the price on the second move higher pic.twitter.com/X1hNlvjbdc
— Skew Δ (@52kskew) September 7, 2023
Fellow trader Daan Crypto Trades drew attention to the importance of recouping August losses.
“Bitcoin was finally able to break out of September’s monthly open after multiple tests. It is now being retested,” he said. Tell There are X subscribers for the day.
“The question is, will it provide as much support as resistance? The onus is on the bulls to try to maintain a ‘green’ September.”
CoinGlass data confirms that BTC prices tend to fall by nearly 10% in September, with market expectations for 2023 appropriately skewed.
Analyst: BTC Price Consolidates ‘Final Correction’
Trader Crypto Tony continued to dismiss the strength of the overnight move, stating that $26,600 is a floor that must be crossed.
Related: Will Bitcoin Hit All-Time Highs in 2025? Bitcoin Price Idea Reveals ‘Bull Start’
“There was a nice bounce off the range low of $25,600, but no follow-through to the range high, so we’re stuck in the middle range again,” he said. explained There is an explanatory diagram next to it.
“Unless we liquidate $26,600, I can’t participate in Bitcoin transactions.”
After returning to familiar territory since the first week of September, BTC/USD has continued to hold above the 200-day exponential moving average (EMA), currently at $25,674.
Commenting on Bitcoin’s interaction with the 200-week EMA in previous cycles, Michaël van de Poppe, founder and CEO of trading firm 8, boldly stated that this time the market is in the process of “finally” falling BTC prices.
“Technically, we can only focus on price action in 2019, but that doesn’t provide a clear rationale. What happened in 2015 (considering new players entering the market -> institutions into the cycle), we can take current The market correlates to the cycle,” some commentaries noted.
“As far as that goes, this is the final revision.”
There is a level, #bitcoin Must stick to avoid major crashes.
Bitcoin is currently holding an important support level. Prices are around $25,500.
Meanwhile, we are facing a month of disruption. September. What’s next for Bitcoin? … pic.twitter.com/nNI8GmxKuN
— Michael van der Pope (@CryptoMichNL) September 7, 2023
This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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