Bitcoin (BTC) Price Could Hit $11,000 After 'Wiping Out' Shorts, Says Trader

đź“° News
Fri, 02/07/2020 - 07:53
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • {{ content.field_content_author|field_value|getauthorname|raw }}

    The Bitcoin (BTC) price is ready to make a major move with a bunch of short trade stops resting above a major resistance level

Cover image via 123rf.com

After surging to its yearly high of $9,818, the bulls and the bears are once again stuck playing tug-of-war. However, this period of range-bound trading will sooner or later come to an end with BTC potentially shooting all the way up to $11,000

Must Read
Bitcoin (BTC) Is Now 'Officially' in Bull Trend After Its Price Surged Above $9,700 - READ MORE

A short squeeze in the works 

Crypto trader Anondran noticed that Bitcoin recently touched the upper Bollinger Band while simultaneously moving to the top line of the Ichimoku cloud. 

Bitcoin
image by @AnondranCrypto

On top of that, the trader noticed that there was "a ton" of short trade stop losses above this resistance level that go all the way to $11,000. This could trigger a short squeeze when many traders are scrambling to cover and close their positions as the BTC price continues to rise. 

Must Read
Tone Vays Predicts When Bitcoin (BTC) Price Is Going to Rally Above $10,000 - READ MORE

A bearish scenario

However, even with Bitcoin inching closer to hit the shiny $10,000 mark, bulls are not out of the woods. Anondran also offered a bearish case where the recent price surge could simply be a head fake. He doesn't rule out that the price of BTC could suddenly reverse back to $8,500. 

As reported by U.Today, Fundstrat's analyst Robert Sluymer concluded that it was unlikely for Bitcoin to witness another deep correction even after it appears in the $10,000-$11,000 resistance band. 

{{ content.field_content_author|field_value|getauthorname|raw }}

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
A Severe Ethereum (ETH) Correction is Expected by Traders After 125% Rally: Here's Why

A Severe Ethereum (ETH) Correction is Expected by Traders After 125% Rally: Here's Why

TOP 3 Price Predictions: BTC, ETH, XRP Accumulating Effort for New Heights

TOP 3 Price Predictions: BTC, ETH, XRP Accumulating Effort for New Heights

50 Mln XRP Sent Between Large Crypto Exchanges, Japanese Bitbank Involved

50 Mln XRP Sent Between Large Crypto Exchanges, Japanese Bitbank Involved