Popular analysts talked about what could happen after Bitcoin (BTC) made a strong move from $35,000 to $39,000 the previous day.
Anonymous crypto analyst Credible said that the catalyst behind Bitcoin’s massive bounce over the past two days was an “aggressive short-term squeeze.”
“We saw an aggressive short-term jam yesterday. Not sure if it will hold but if it does the resistance is $42,000. If we trace the squeeze, I think we’re seeing a bottom between $29,000-32,000 based on the last post. At any point, a high timeframe close above monthly resistance indicates confirmation of the bottom.”
Traders were betting that BTC would break $35,000 after Russia announced its military action against Ukraine. Instead, the leading crypto rallied, forcing traders to buy over $300 million in Bitcoin on February 24, pushing the rally (short squeeze) to $40,000 on February 26.
With Bitcoin managing to hold support at $35,000, fellow crypto analyst Smart Contracter says BTC now forms a short-term range between $35,000 and $44,000.
“This is a really big BTC reversal candle. I’m not sure if it’s at the bottom, but that should be a somewhat tradeable range.”
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