Bitcoin remains at $17,200 after an overnight squeeze brings the cryptocurrency price within striking distance of one-month highs. The pair began by taking liquidity at the December 8 Wall Street open. It snowballed into a challenge of one-month highs from December 5.
The move came as no surprise to those already betting on an upward trend, with the coast still clear to add to the gains.
According to popular trader Credible Crypto, the move to 18-19k $BTC is still ongoing.
The reasoning was explained in a previous tweet on December 7, with invalidation set at $16,000 support.
The Crypto Market is Volatile
At the time of writing, 4-hour candles were still near the upper band, with both continuing to expand in a classic sign of increased volatility. Short liquidations on BTC totaled $7 million in a single hour on December 8, indicating the extent to which market participants anticipated further downside. Short liquidations of altcoins added another $11 million to the total.
Bitcoin and Cryptocurrency ATMs Market growth could be due to the profitable benefits of crypto ATMs. Users can send money overseas without a bank account, withdraw cash from ATMs, and convert bitcoin into fiat currency. Another important factor supporting the growth of the bitcoin ATM sector is the legalization of cryptocurrencies in several countries. Although the price of Bitcoin, the largest cryptocurrency in the world by market capitalization, is currently 75% below its record high of $68,789.63, it seems that investors in BTC are about to get some good news.
Based on historical data, analysts believe Bitcoin will easily surpass $100,000 by 2024. Because Bitcoin’s source code is public, anyone who knows how to compute can determine that the reward for a BTC lock drops every 210,000 blocks or roughly every four years. According to historical data, the price of Bitcoin increased by 1,263% between 2016 and 2020 due to the halvings.