Bitcoin Rebounds after Short Squeeze
Bitcoin (BTC) experienced a rebound after hitting three-month lows on September 12th, though traders remain skeptical about the cryptocurrency's price behavior. The rebound followed a "textbook short squeeze" that pushed BTC's price up by $1,000.
Resistance at $26K
At the time of writing, Bitcoin is still facing resistance at the $26,000 level. Despite the rebound, analysts had previously warned that BTC would face a "support test" due to liquidity being removed from the order book.
Traders Optimistic for Next Impulse
Traders and analysts are remaining optimistic about Bitcoin's future price movement. Credible Crypto, a popular trader, pointed to a potential breakout in Bitcoin market cap dominance as a precursor to the next bullish move in BTC's price. He noted that a similar trend in mid-June led to over $7,000 in gains over two weeks.
The article does not provide investment advice and urges readers to conduct their own research before making any investment or trading decisions.
