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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Bitcoin Is Oversold As BTC Reclaims Territory North Of $20,000

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin was able to score some profits over today’s trading session as the market slightly rebounded after a spike in selling pressure. This saw the largest cryptocurrencies trading in the red negatively impacting market sentiment.

Related Reading: Holders Accumulate, Blockchain Activity Decreases In Both Bitcoin And Ethereum

At the time of writing, Bitcoin (BTC) trades at $20,300 with a 1% profit over the last 24 hours and a 6% loss over the past week. In the crypto top ten by market cap, BTC stands as one of the best performers only surpass by ETH’s price by 4% over the same period.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

According to the analyst Michaël van de Poppe, as Bitcoin moves back into the $20,000 region, the price could attempt to break about key resistance at $22,000. If bulls manage to break this wall, then the cryptocurrency could attempt to make a run for higher levels.

As seen in the chart below, Bitcoin could climb to the top of a trend formed in June 2022. This would make $29,500 a critical level between the bulls and further profits on the weekly chart. The analyst said while sharing the chart below:

Still a potential scenario on Bitcoin. The trigger is a reclaim at $19K for me, but we’ll have to see whether this stands. Total market capitalization reaches 200-Week MA and usually grants for support, and then an HL is confirmed.

Bitcoin BTC BTCUSD MP1
Source: Michaël van de Poppe

Bitcoin is still heavily affected by three factors: the U.S. Federal Reserve (Fed), the strength in the U.S. dollar, and the upcoming Ethereum “Merge”. The first of these factors played out against the crypto market, as Fed Chair Jerome Powell hinted at an aggressive approach to combat inflation.

The U.S. dollar contributed to the spike in selling pressure and the crypto market crash. The currency has been on a fierce rally since early August but could have topped out as it was rejected from resistance near 110. This could provide some relief for Bitcoin.

Shorts Pile In As Bitcoin Lags In Performance

Additional data provided by a pseudonym analyst claims the market’s reaction to the Fed announcements triggered a spike in the number of open short positions. As traders perceive potential for further upside, these positions might be “short squeeze” as the largest cryptocurrencies touch support levels.

Related Reading: Bitcoin Stablecoin Supply Ratio Is Approaching A “Buy” Signal

If enough shorts are liquidated, the market might see a volatile move to the upside. The analyst believes crypto is currently oversold hinting at higher levels. $22,000 and $25,000 will most likely continue operating as critical resistance. The analyst said:

The entire derivatives market is aggressively short positioned right now. Every futures contract and perpetual swap in backwardation (…). Higher timeframe still looks fucked, but short TF to mid TF I think the market is oversold and we probs move a bit higher.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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