Crypto Review

Bit-comment: Bitcoin jumped on the short squeeze

Over the past day, the BTC adds almost 7% and trades around $10,500, along with the price increase the digital asset has shown an increase in trading volumes by 13%. Crypto market was controlled by bears until yesterday and then at some point, Bitcoin took off in a few minutes by 9%. Other crypto assets also began to be actively redeemed, although they have so far failed to return to the highs. Presumably, a sharp surge in prices occurred due to a short squeeze on large trading platforms, which in turn is due to the appearance of large buy orders (closing the sale). It is rather difficult to lay such scenarios in technical analysis; therefore, the market reacts so sharply and often unpredictably. If Bitcoin can keep above $10K and continue to grow, it will attract new buyers to the market. As always, what does not grow, it falls, and this is especially true in relation to cryptocurrency.

The FxPro Analyst Team

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