A Very Quiet All-Time-High...
Perhaps a bit too quiet...
G’day Folks,
Bitcoin is back into price discovery, having blasted short-side traders out of the water last week, and working its way past $120k.
The short-squeeze we framed up in Chop Chop has done its job, slingshotting the price to a new altitude.
This was also the largest short squeeze event by liquidation volume on record, and we thank the bears for their service and attention in this matter.
Now, the story doesn’t end here, and markets are a process, not a result.
Whenever we have a large price move resulting from some technical market structure dynamic, like a short-squeeze, what really matters is the follow through.
Do we get a genuine and serious spot bid coming into the market to sustain these higher prices…
…or is this move built on air, and merely a flash squeeze higher, but lacks an influx of meaningful demand volume, and a strong spot bid?
Today’s piece is going to lay down both the good and the bad news, because this all-time-high break is a little bit too quiet for my liking…
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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