Bitcoin falls below $ 33K as shorts rise, trader warns of BTC price pressures
Bitcoin (BTC) fell back below the USD 33,000 support on July 12 as a familiar cocktail of low volumes and rising shorts put price action under pressure.
Short sellers cannot trigger a Bitcoin roadmap
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it hit a local low of $ 32,880 on Bitstamp.
Just like last week, the accumulation of short positions on the major exchange, Bitfinex, kept the Bitcoin price low and brought it back into the last support area before a re-test of $ 30,000.
BTC / USD is down about 2.9% on the day, hovering around the $ 33,000 mark at the time of writing, but has stopped losing.
Previously, analysts were more bullish on the near-term outlook, forecasting a rally this week that could hit the $ 38,000 target.
“I’m getting to the point where I’m done with this bandwidth with Bitcoin”, Michaël van de Poppe, understandably tired Summary for Twitter followers.
Trader: Prepare for a “violent move” in Bitcoin
Those looking for more excitement won’t be left out this week even if the various behaviors continue.
Related: Grayscale Big BTC Unlock Countdown: 5 Things To See In Bitcoin This Week
The inspiration this time comes from the famous trader John Wick who worked in a bunch of tweets observed a historically rare bitcoin signal on Monday that requires rapid price movement.
He commented along with a graph depicting an event known as a “squeeze”.
“Violence is coming and is imminent. This tells you it is time to pay attention. It could manifest itself as an outbreak or a fake in the coming weeks. “
Squeezing is not an everyday thing. The previous two events included a surge from $ 9,100 to a recent all-time high of $ 64,500, along with a subsequent correction to $ 30,000, Wick said.
While the exact time and nature of the next squeeze, or even its direction, are unknown, Wick’s propensity is the opposite.
Both the recent BTC accumulation and the strength of the USD 30,000 support add to his conviction.