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Bitcoin Key Support and Resistance Levels, Short Squeeze Incoming?

The support level - $92,739.3 has been tested already, price action is likely to form a base here on the lower time frames before a local bounce, this will initiate a short squeeze type of price action.

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Today’s report will include:

  • Updated Technical Analysis

  • Other key market developments

  • Market Psychology

  • Trading Tools

Bitcoin Support is holding  📈 

In Today’s analysis -Bitcoin- having a strong correction over the last 24 hours, now trading at a critical support level that needs to hold for a bounce into the .618 Fibonacci resistance.


Points to consider,

  • Key high time frame support

  • Local .618 Fibonacci tested

  • Oversold conditions.

The support level - $92,739.3 has been tested already, price action is likely to form a base here on the lower time frames before a local bounce, this will initiate a short squeeze type of price action.


A short squeeze happens when price rises, forcing short sellers to buy back into Bitcoin to cover losses. This buying pressure further increases the price, creating a feedback loop:

  1. Short Selling: Traders sell borrowed Bitcoin , betting the price will drop.

  2. Trigger: Good news or market sentiment shifts the price upward, support levels hold.

  3. Short Covering: To cut losses, short sellers buy back shares, driving the price higher.

  4. End: It stops when most shorts are covered or the price stabilizes.

This can cause a dramatic impulse in the immediate short term on Bitcoin as price is in oversold conditions.The next logical objective will be the .618 Fibonacci resistance around the $98,900 mark.

Hope this analysis helps.

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