Bitcoin Short Squeeze ‘Not Over’ As BTC Price Gains 17% Weekly

Bitcoin (BTC) remained higher in the weekly close of September 10 as Brock forecasts a close to $23,000.

BTC/USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView

Targets of $23,000 remain unchanged.

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD on Bitstamp hit $21,730 overnight – the highest since August 26.

Although low-volume weekend trading conditions could highlight any weakness, the pair managed to save its early gains.

Among analysts, excitement was palpable heading into the new week, which should be critical for short-term crypto price action.

Ethereum (ETH) consolidation and fresh US inflation data were the main factors expected to influence the market.

“Expect Volatility to Pick Up on Next Week’s Economic Data,” a resource-monitored indicator on the chain He wrote In part on Twitter over the weekend.

“Until then, remember…this is a parade. If you don’t make a profit along the way, you risk losing everything.

The accompanying chart shows the Binance BTC/USD order book offering strong resistance around $21,500.

BTC/USD order book data (Binance). Source: Material Indicators/Twitter

For popular label Il Capo of Crypto, meanwhile, there was room for more revelations.

He AddedHowever, there was a “90% chance” that BTC price action would return below $20,000 in the future.

$23,200 was the target for trader CJ, who was looking at various short-term levels indicating long and short entry positions.

“September” takes a beating

The weekly close looks set to be a three-week high, with Bitcoin already trading above its close since the second half of August.

RELATED: 2018 Down, Bitcoin Analyst Warns ‘Bad Winter’ Could See $10K BTC

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

On the macro front, hopes for a continued rally in risk assets became more vocal, with analyst Hernik Zeberg particularly sanguine.

“Every time inflation – the stock market rallies! Every time! And the RSI (momentum) – is on the curve.” He argued On that day.

“US CPI comes out on Tuesday. This time will be no different!”

US inflation versus S&P 500 annotated chart. Source: Henrik Zeberg/Twitter

July CPI data showed that the US may have already seen higher inflation.

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