Bitcoin Teases $40,000 — Are We Seeing A Short Squeeze?

Bitcoin Teases $40,000 — Are We Seeing A Short Squeeze?

Bitcoin BTC/USD is reportedly ripe for a short squeeze as bullish sentiment picks up and prices move towards the middle point of the $30,000 range.

What Happened: At press time, BTC traded 13.77% higher at $38,586.71 over 24 hours. The apex coin has shot up 22.09%.

See Also: How To Buy Bitcoin (BTC)

As of Sunday night, Bitcoin shot up to an intra-day high of $39,280.42 over 24-hours, shooting up as much as 15.93%.

CryptoQuant analyst Sashimi Nakamoto wrote in a note Friday that “If BTC retains the lower range of 30K, shorts will begin to squeeze as BTC moves to the middle point of the range, likely accelerating in the coming days/weeks.”

Why It Matters: As per the CryptoQuant analysis, a short squeeze to $40,000 plus levels is likely. The on-chain and market data analysis company pointed out that a short squeeze is an unusual condition that triggers “rapidly rising prices.”

See Also: Bitcoin, Dogecoin, NFTs Big Deal At Tokyo 2020: How Crypto-Savvy Olympians Can Feel Right At Home

Bitcoin has been on a rebound since last week when The B Word Conference took place. Participants included high profile names such as Tesla Inc TSLA CEO Elon Musk and fellow leaders from Ark Invest Cathie Wood and Twitter Inc TWTR and Square Inc SQ Jack Dorsey participated.

Musk revealed at the event that he personally held BTC along with other altcoins such as Ethereum (ETH) and Dogecoin (DOGE). 

Over the weekend a job posting by Amazon.com, Inc AMZN and buzz around the e-commerce giant accepting Bitcoin drove the price movement. 

Read Next: Elon Musk Suggests Tesla Could Resume Accepting Bitcoin Soon

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