United States – Bitcoin stays at $17,200 after an all-night squeeze, taking the price action of this cryptocurrency to hit one-month highs, yet its targets stretch to $19,000.
Bitcoin stayed higher at $17,200 after reaching a liquidity grab at $17,000 on December 9, when traders aimed for further upside. It now attempts a new monthly high after BTC/USD displayed cooling instability once more after reaching $17,300 on Bitstamp. The report was from TradingView and Cointelegraph Markets Pro.
The pair started by taking liquidity during the Wall Street open on December 8. For traders who already bet on increasing continuation, the movement surprised everyone since the cost is still clear to achieve more gains.
The movement was from 18K to 19K in BTC, as per Credible Crypto’s summary. The previous tweet described the rationale, setting the invalidation support at $16,000. According to the comments, Binance displayed support at 16K.
Cheds, a trader, targeted the probable extension of instability when BTC/USD tagged its upper Bollinger Band, which is on a 4-hour timeframe. The 4-hour candles stayed close to the upper band, where both expanded in a classic prelude to boost instability.
Michael van de Poppe, the CEO, and founder of Eight, a trading company, stated that they are anticipating the extension for Bitcoin as long as the price stays over $17,000.
On another note, there’s a further analysis of the price action of BTC as it highlighted boosted bankruptcies of short positions. Short liquidations on Bitcoin totaled $7 million on December 8, during a single hour as per the data of Coinglass. Altcoin’s short bankruptcies added $11 million more to the total.
On-Chain College stated that liquidations were small since the crash in November. However, short bankruptcies prevented fuel that previously moved.
On another note, GBTC spots the Bitcoin price to approach the 100%-premium. Grayscale Bitcoin Trust sees it as a bad time as the BTC/USD moves toward 50%.
Grayscale Bitcoin Trust (GBTC) trades at around 50% under the price of Bitcoin on spot markets. Coinglass, an on-chain analytics platform, confirmed the data on December 8, where GBTC shared a new record low, which is -47.% opposed to BTC/USD. Some experts think that the crisis of FTX caused the troubles of GBTC.
The price traded over BTC/USD, resulting in a GBTC premium. However, the premium became negative, resulting in a discount that didn’t do much in luring extra-institutional interest.
The biggest institutional investment vehicle of Bitcoin had an asset worth around $10 billion yet it faced many challenges in the previous years. According to a tweet on December 5, the GTBC is bearish that’s hanging over the market, yet the counter-intuitive part impacted the Bitcoin price.