Bitcoin

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 Bitcoin shorts start to suffer thanks to a $1,000 BTC price relief rally, but key resistance remains in place. 
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 Bitcoin (BTC) rebounded off three-month lows on Sept. 12 as traders voiced suspicion over BTC price behavior. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/12/b744019b62a29dea1aab00fbac1f70e0.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
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 <h2 id="bitcoin-shorts-feel-heat-as-btc-price-adds-1-000">Bitcoin shorts feel heat as BTC price adds $1,000</h2> 
 Data from Cointelegraph Markets Pro and TradingView followed a snap return to levels seen after the weekly close on BTC/USD. 
 Bitcoin had seen immediate weakness on the previous day’s Wall Street open, briefly dipping below $25,000 to cap its worst performance since mid-June. 
 The subsequent comeback took the largest cryptocurrency $1,000 higher, but at the time of writing, $26,000 still acted as resistance. 
 Ahead of time, on-chain monitoring resource Material Indicators warned that BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> would soon face a “support test” thanks to bid liquidity further down the order book being removed. 
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 #FireCharts shows 2 large #BTC Buy Walls have been rugged. Support test is inbound. pic.twitter.com/QnKIEoAnEc— Material Indicators (@MI_Algos) September 11, 2023 
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 In further preemptive analysis, Material Indicators and others noted that previous support “rug pulls” had ultimately produced Bitcoin market upside instead, with large-volume traders clearing liquidity from immediately around spot price. 
 Continuing, co-founder Keith Alan predicted that $24,750 would hold as support on the down move, something which at the time of writing holds true. 
 After the recovery, which he called a “textbook <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>,” popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Skew was among those calling for bulls to overcome $26,000 resistance. 
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 $BTC CVDs &amp; Price Very clean perp CVD divergence with sellers failing to break below $25K Setup criteria &gt; high short float in OI &amp; negative funding &gt; Price reclaiming price level / failing to sustain LTF trend lower (Looks like SFP below initial low) &gt; Perp CVD divergence… pic.twitter.com/rsRLzAUbkE— Skew Δ (@52kskew) September 12, 2023 
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 “$25.6K - $25.3K still important for structure &amp; confirmation of buyers,” Skew&nbsp;added. 
 Data from monitoring resource CoinGlass showed total BTC <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> liquidations at just over $12 million for Sept. 12 so far, while $71 million in BTC longs suffered the day prior. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/12/0719049e3165441b29ed33f490866297.webp"> 
 <figcaption style="text-align: center;"> BTC liquidations chart (screenshot). Source: CoinGlass 
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 <h2 id="bitcoin-price-next-impulse-incoming">Bitcoin price: "Next impulse" incoming?</h2> 
 Optimistic as ever, meanwhile, fellow popular trader Credible Crypto eyed a Bitcoin market cap dominance breakout as a potential precursor to the next bullish BTC price move. 
 Related:&nbsp;Double top ‘likely’ confirmed — 5 things to know in Bitcoin this week 
 In fresh X <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on Sept. 12, he flagged a local dominance downtrend being tested — something which last occurred in mid-June and sparked over $7,000 in gains over two weeks. 
 “Five days after BTC dominance broke its local downtrend, <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> followed suit with the next impulsive leg which was a $7,000 move,” part of accompanying comments read. 
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 “With bullish market structure intact on BTC, 24.8k held, and BTC dominance breaking out, I think there is a decent argument to be made that our next impulse is just around the corner.” 
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 <img src="https://cdn.thebittimes.com/images/2023/09/12/cb6c05f5221a0e5cde3ad1759cbd7595.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> Bitcoin dominance vs. BTC/USD annotated chart. Source: Credible Crypto/X 
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-must-take-26k-trader-says-after-textbook-short-squeeze-tbt62373.html">https://thebittimes.com/bitcoin-price-must-take-26k-trader-says-after-textbook-short-squeeze-tbt62373.html</a>

Bitcoin price must take $26K, trader says after ‘textbook short squeeze’

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