Bitcoin (BTC) started a new week in fighting form as bulls staged a rebound past $111,000.
-
BTC price action improves around the weekly close as hodlers get some well-earned relief — is a short squeeze next?
-
Downside price targets remain popular, with longer time frames raising questions about the strength of the bull market.
-
US CPI will sidestep the government shutdown on Friday to provide precious inflation data for the Federal Reserve.
-
Risk-taking is slowly returning to crypto markets as leverage recovers, but traders are not betting on major price increases.
-
Bitcoin dominance hangs in the balance as altcoins stay sidelined.
Spotlight on BTC price “upside imbalances”
Bitcoin flipped volatile into Sunday’s weekly close, capping the week at $108,600 before briefly retracing.
Data from Cointelegraph Markets Pro and TradingView shows buyer strength resurfacing into the week’s first Asia trading session, allowing a jump to $111,000.
Traders now see volatility as all but guaranteed to continue in the coming days.
In a dedicated outlook post on X, trader CrypNuevo suggested that a short squeeze could characterize the rest of October.
“Now, we can see a big cluster of short liquidations between $116k-$117k. Short squeeze coming?” he queried alongside a chart of exchange order-book liquidity.
CrypNuevo said that “upside imbalances” were the target to watch going forward.
Crypto investor and entrepreneur Ted Pillows earmarked $112,000 as an important reclaim level.
“With US-China trade tensions easing, I think BTC could rally more from here,” he told X followers.
As ever, attention was on gold and Bitcoin’s potential to follow it to new all-time highs. XAU/USD consolidated on the day after hitting a record $4,380 per ounce on Friday.
“Gold has been on an absolute tear this year. BTC has been lackluster,” trader Daan Crypto Trades wrote while looking at the Bitcoin to gold ratio.
“Especially if Gold cools off for some time, we could see some of that capital flow back into more riskier assets. Equities would be the main beneficiary. Bitcoin & Crypto would likely take a small piece of the pie as well.”
Bitcoin’s $102,000 Binance wick stays unfilled
Bitcoin still has plenty of bearish predictions following it as the Oct. 10 meltdown casts a long shadow…
Click Here to Read the Full Original Article at Cointelegraph.com News…