Bitcoin short squeeze fails as the price has corrected dramatically after a 5% jump in 15 mins. The price jumped straight from $39.5k to $41.5k, but that’s it. After making a high of $41.7k, bears took control, and in the next 30 mins, the gains were gone. At present, it is trading at $39k, and there is consolidation going on in the range, but this was really an epic failure.
Current markets are dodgy
Even though there are a lot of things that are supposed to be bullish for Bitcoin, the price has been stuck at one level. The Bitcoin short squeeze, if successful, could have broken this pattern, but that failed as well. There were definitely a lot of liquidations (around $50 million), but that’s all. For altcoins, things are looking worse as they are falling in the BTC pair, and the dominance of Bitcoin is on the rise. Every market consolidation for BTC is like another fall for alts.
Talking about some of the important updates of the market that were important for the crypto industry. First is the vote against the ban on proof of work ban, which in other words is a BTC ban. The EU has proposed an amendment to the same and has voted itself out of banning Bitcoin. Secondly, Indian authorities are now cracking down on investors for tax evasions which is going to affect the market because the 30% tax is very high.
The short squeeze
Bitcoin short squeeze fails, but it has still made an on-chain record. The CEO of Moskovski Capital, Lex Moskovski, reported that the volume at $39k was the largest in the history of Bitcoin. More than 775k Bitcoins were transacted at this level. So, even though it failed, we can be sure there is a lot of buying hands at this level, and the price is bound to bounce back in the future.
What are your thoughts as the Bitcoin short squeeze fails after reaching $41.5k? And do you think that we will soon move up again? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: India is targeting crypto investors for not paying taxes.
