Bitcoin (BTC) returned to $20,000 on Sept. 2 amid renewed bets on a “short squeeze” higher.
Trader eyes $20,700 short squeeze trigger
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from another dip below the $20,000 mark on the day, continuing rangebound behavior.
The pair gave little insight into which direction the next breakout could be, with opinions differing on the surrounding environment.
Amid downside pressure on risk assets and a strong United States dollar, overall consensus appeared to favor long-term weakness continuing.
For popular trader Il Capo of Crypto, however, there was still reason to believe that a relief bounce could enter first. Thanks to the majority of the market expecting immediate losses to continue, a “squeeze” of short positions could hit, pushing spot price out of its multi-day trading range to target as much as $23,000.
“Main bearish TL broken. Bullish confirmation for the short squeeze would be a break of the 20700-20800...
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