Opinion: Bitcoin May Shift to Squeeze Short Sellers Next Week; Reclaiming $83,600 Will Determine Whether the Market Can Break Out of the Range-Bound Trap
Trader Killa stated that Bitcoin pulled back from above $87,000 to the $80,000 range last week. After rebounding to recover approximately 50% of the decline, it remained suppressed by the weekly opening price throughout this week, eventually testing the prior week's low near $80,000. Currently, long positions are the primary positions being liquidated. Killa believes that the market may shift to squeezing short sellers next week, but it is necessary to monitor whether Bitcoin breaks below this week's low of $79,800 again. If a secondary downside sweep occurs, long opportunities can be monitored; if no secondary downside sweep takes place, it is necessary to observe whether the $83,600 level can be effectively reclaimed. If this level cannot be broken through, the market may still remain in the range-bound consolidation and capitulation selling phase.
Source: PANewsRead original
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