Bitcoin Holds Support at $20K- Resistance at $20700-20800 – $23K Next?
Bitcoin is holding over $20K this Friday morning – where do we go from here? Let’s hope past these low $20s and out of this rut we’ve been stuck in but it seems we’re going to be in this range a little longer
Bitcoin squeeze to $23K still open as crypto market cap holds key support
“Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from another dip below the $20,000 mark on the day, continuing rangebound behavior.
The pair gave little insight into which direction the next breakout could be, with opinions differing on the surrounding environment.
Amid downside pressure on risk assets and a strong United States dollar, overall consensus appeared to favor long-term weakness continuing.
For popular trader Il Capo of Crypto, however, there was still reason to believe that a relief bounce could enter first. Thanks to the majority of the market expecting immediate losses to continue, a ‘squeeze’ of short positions could hit, pushing spot price out of its multi-day trading range to target as much as $23,000.
‘Main bearish TL broken. Bullish confirmation for the short squeeze would be a break of the 20700-20800 resistance. After this, we should see 22500-23000,’ he told Twitter followers on the day:
‘Invalidation for the short squeeze idea: break 19500 and main confirmation would be a clean break of 19000.’”