New all-time high for Bitcoin! And the bears are left completely destroyed
- Bitcoin is officially trading at a new all-time high. The cryptocurrency’s price even climbed above $23,200 this morning before losing some momentum and remaining just below that level.
- Where the cryptocurrency is headed in the medium term is likely to depend largely on whether or not it can convert this momentum into another parabolic uptrend.
- One trader thinks this is very likely – in his opinion, it could be triggered by an imminent short squeeze.
- The breakout above $20,000 has underwatered just about every bear in bitcoin history. Now BTC is entering uncharted territory as the world sees its first $20,000+ bitcoin.
- The coming days should give investors some serious insights into where the entire market is headed in the coming days and weeks.
Bitcoin is officially trading at the highest prices it has ever seen, with Crypto Investor prolonged consolidation below $20,000 eventually leading to an explosive move higher.
Where the cryptocurrency is headed in the medium term is likely to depend largely on whether it can maintain its current momentum, as it now needs to build support between its current price and the lower $20,000 region.
The massive amount of underwater short positions seems to indicate that we could be in for an uptrend in the coming days – if the bears capitulate and close their underwater positions.
Bitcoin breaks new ground: BTC price breaks $20,000
Currently, Bitcoin is trading at the $22,600 level, which is roughly where it has been trading in the last few hours, with selling pressure in the upper $20,000 region proving significant.
It is important to note that the breakout above $20,000 appears to be leading to a short squeeze, leading to further upward pressure.
Every bitcoin bear is currently „underwater“
Apart from the bears who have shorted $20,800, virtually every bitcoin short-seller is currently underwater.
The massive amount of short orders scattered in the upper $19,000 region are all likely to be liquidated or about to be, which could lead to a squeeze that sends BTC soaring. One trader comments:
„Everyone who has ever gone short in the entire history of Bitcoin is now underwater. Congratulations, dear bulls.“
The coming days should shed light on where the new support and resistance levels will be set.