Bitcoin Fell Below $60K. Traders are Waiting for a New Short Squeeze
On Thursday, November 18, Bitcoin dipped below the $60,000 level and, at the time of writing, is trading at $59,376.
TradingView data shows that BTC/USD fluctuated between $59,000 and $60,000 on Thursday, with $1,000 fluctuating in minutes.
The crypto community has started talking about the possibility of a short squeeze, which will push the spot price to higher levels.
“Based on the Futures Markt structure, funding rate dynamics and OI dynamics form the ideal environment for a short squeeze scenario,” a CryptoQuant analyst staff member said Wednesday, inquiring about the price range of the new support level.
Popular trader Crypto Ed believes that the bottom of Bitcoin has not yet reached the bottom, which may be at $58,400. In his opinion, after that, Bitcoin should rise to new higher levels:
“In case I’m right with bottom in already or around $57k, the target is more or less the same….. $90.000 and a little bit.”
However, in the short term, some believe that the market is still not ready to support the new rise in Bitcoin price.
Emphasizing the absence of “fear” in the sentiment, a trader and analyst at Rekt Capital soberly assessed the likelihood of a complete trend reversal.
“BTC investors do not seem to be wary enough about the current price to stop this pullback,” he warned.
The Crypto Fear & Greed Index on Thursday was 54/100 – “neutral”, reaching local highs at 84/100 on November 9.