Bitcoin technical indicators ‘improving’ at $59K may trigger short squeeze
Bitcoin technical indicators are “improving” — meaning a short squeeze may be “inevitable,” according to crypto analysts.
Several of Bitcoin’s popular trading metrics are flashing positive which may force traders to act quickly and cover their positions if macroeconomic events align, according to a crypto analyst.
“Technical indicators are improving, and with some traders holding short positions, there’s potential for a short squeeze,” 10x Research head of research Markus Thielen said in an Aug. 21 report.
One of the key metrics that caught Thielen’s eye as a sign of improvement is Bitcoin’s relative strength index (RSI) “bottoming out” — which measures the speed and change of its price movements to identify overbought or oversold conditions.
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Author: Ciaran Lyons
