Bitcoin price targets stretch to $19K as BTC jumps 4% from daily lows
Bitcoin (BTC) held higher after a liquidity grab at $17,000 on December 9 as traders targeted further upside.
Bitcoin Attempts New Monthly High
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling volatility again after hitting $17,300 on Bitstamp.
The pair had begun taking liquidity at the December 8 Wall Street open, this snowballing to see it challenge one-month highs from December 5.
For those already betting on a continuation upwards, the move came as little surprise, with the coast still poised to increase gains.
“The move to 18-19k $BTC continues,” summarized popular trader Credible Crypto.
ONE previous tweet as of Dec. 7 explained the rationale, with invalidation set at $16,000 support.
“Lows cleared and as Binance monkeys emerge to support mid-16k,” the accompanying comments read.
“Perhaps another push to 16.4-16.5k and then expect a reversal and continuation to 18-19k target.”
Dealing with Cheds in the meantime eyes potential continuation of volatility, with BTC/USD marking the upper Bollinger band on 4-hour timeframes.
At the time of writing, the 4-hour candles remained close to the upper band and both continued to widen in a classic prelude to increased volatility.
“Expect continuation for Bitcoin as long as we stay above $17K,” Michaël van de Poppe, founder and CEO of trading firm Eight, addedand compares the overnight transition to the outbreak from late November.
Liquidations are driving the BTC price rally
Further analysis of overnight BTC price action highlighted increased liquidations of short positions.
Related: Bitcoin 2022 bear market ‘regular’ despite loss of key trendline — analyst
In a sign of the extent to which market participants assumed further downside would come in, short liquidations on BTC totaled $7 million in a single hour on December 8, data from Coinglass shows. Altcoin short liquidations added another $11 million to the count.
“Liquidations have been relatively small since the crash in early November, but short liquidations contributed to the latest move,” analytical resource On-Chain College confirmed.
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