Bitcoin (BTC) remained greater following a $17,000 liquidity grab on 12 ,. 9 as traders targeted further upside.
Bitcoin attempts new monthly high
Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD cooling volatility once again after hitting $17,300 on Bitstamp.
The happy couple had begun if you take liquidity in the 12 ,. 8 Wall Street open, this snowballing to determine it challenge one-month highs from 12 ,. 5.
For individuals already betting on upward continuation, the move came very little surprise, using the coast still obvious to increase increases.
“The proceed to 18-19k $BTC continues,” popular trader Credible Crypto summarized.
An earlier tweet from 12 ,. 7 described the explanation, with invalidation set at $16,000 support.
“Lows cleared up so that as if on cue Binance apes turning up to aid the mid 16k’s,” a part of associated comments read:
“Maybe yet another push into 16.4-16.5k after which expecting a reversal support and continuation to 18-19k targets.”
Fellow trader Cheds, meanwhile, eyed potential continuation of volatility, with BTC/USD tagging its upper Bollinger Band on 4-hour timeframes.
During the time of writing, 4-hour candle lights continued to be close to the upper band, with still expanding inside a classic prelude to elevated volatility.
“Expecting continuation for Bitcoin as lengthy once we stay above $17K,” Michaël van de Poppe, founder and Chief executive officer of buying and selling firm Eight, added, likening the overnight proceed to the breakout in the finish of November.
Liquidations fuel BTC cost run-up
Further analysis of overnight BTC cost action highlighted elevated liquidations of short positions.
Related: Bitcoin 2022 bear market ‘usual’ despite key trend line loss — Analyst
In an indication of the level that market participants assumed further downside would enter, short liquidations on BTC totaled $seven million in one hour on 12 ,. 8, data from Coinglass shows. Altcoin short liquidations added another $11 million towards the tally.
“Liquidations happen to be relatively small because the early November crash but short liquidations helped fuel that recent move,” analytics resource On-Chain College confirmed.
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