Bitcoin (BTC) continues to be the King of currencies seting one precedent after another for the cryptocurrency sphere, and the BTC coin price is moving towards eight thousand five hundred dollars ($8500).
The BTC/USD price is still hovering inside the ascending wedge trends as it was seen on yesterday also. There is no remarkable change in this pattern.
The surging trends continue, and closing occurred above eight thousand and two hundred dollars ($8,200) resistance level.
This resistance level is considered to be a crucial point as a break above this level results in a short squeeze. The Datamish gave some findings and predicted that in the last hour, thirteen million dollars ($13m) short liquidation occurred.
The short squeeze is guiding the price of Bitcoin above eight thousand and three hundred dollars ($8,300) and closing above eight thousand and four hundred dollars ($8,400).
If bulls were not able to hold against selling pressure around eight thousand four hundred dollars ($8,400), then the anticipated support will lie at levels eight thousand dollars ($8,000), seven thousand eight hundred dollars, and seven thousand six hundred and ten dollars ($7,610).
However, the bullish traders are not supporting this point if buying volumes surpass selling pressure. The price will then fall around eight thousand and five hundred dollars ($8,500).
The MCAD technical indicator indicates depreciation of selling volume, and heads are pointing towards bullish trends. The closing occurs above 26-MA, and momentum turns bullish.
Currently, the important parameter is the analysis that either the closing occurs above the resistance level or not on the 4-hour chart. If this happens, it means the bulls have opposed the bearish trends.