On 9th December 2022, after a $17,000 liquidity grab the value of Bitcoin has stayed higher, and therefore, the traders are aiming for further escalation in the value.
As per the data reports, it has been observed that BTC/USD after hitting $17,300 is cooling and its volatility is once again shown on Bitstamp.
On 8th December 2022, Wall Street opened, and the pair started taking liquidity. This rapid increase can be observed to challenge the one-month highs from 5th December 2022.
For those who were already betting on an upward continuation, this move surprised them a bit too, with the coast still clear to build on the gains.
CrediBULL Crypto, a popular trader commented that – “The move to 18-19k $BTC continues.” Besides that, on 7th December 2022, the Twitter user also remarked – “Lows cleaned up and as if on cue Binance apes showing up to support the mid 16k’s. Maybe one more push into 16.4-16.5k and then expecting a reversal back up and continuation to 18-19k targets.”
While on the other hand, another Twitter user Cheds shared the potential continuation of volatility with BTC/USD tagging its upper Bollinger band on the four-hour timeframes.
Michaël van de Poppe, the CEO & Founder of Eight, and a full-time trader commented – “Expecting continuation for Bitcoin as long as we stay above $17K.” The trader appreciated the overnight move to the breakout from the end of November.
After further analysis of the overnight BTC price action, an increase in the liquidations of short positions was noted.
On 8th December 2022, it was reported that in a single hour short liquidations on BTC totaled $7 Million as a sign of the extent to which the market participants assumed further downside might enter. Another $11 million was added to the tally by Altcoin’s short liquidations.
Lastly, On-Chain College, an observer of Bitcoin trends announced that – “Liquidations have been relatively small since the early November crash but short liquidations helped fuel that recent move.”