Market Analysis

Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’

The bottom may not be in just yet for Bitcoin, but hope remains of a run to $90,000.

Bitcoin (BTC) chopped and changed on Nov. 18 but held a critical support level to preserve the chance of new all-time highs.

Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$90,000 remains on the table

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged between $59,000 and $60,000 Thursday, seeing $1,000 swings in minutes.

With the pair’s overall range becoming ever narrower, talk turned to a potential “short squeeze” entering to push its spot price to new, higher levels.

“Based on the Futures Market structure, the funding rate and OI momentum trends are forming a perfect setting for a ‘Short-Squeeze’ scenario,” one contributor to on-chain analytics firm CryptoQuant argued Wednesday.

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For the short term, however, some considered the market still unprepared to support a fresh BTC price run-up.

Highlighting a lack of “fear” in sentiment, trader and analyst Rekt Capital was sober on the likelihood of a full-on trend reversal.

“Doesn’t seem that BTC investors are fearful enough towards price for this retrace to be over just yet,” he warned.

“It is Extreme Fear that precedes maximum financial opportunity, not neutrality.”

The Crypto Fear & Greed Index stood at 54/100 Thursday — “neutral” territory — having reached local highs of 84/100 on Nov. 9.

Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’

Crypto Fear & Greed Index. Source: Alternative.me

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