{"id":516575,"date":"2023-01-18T11:45:34","date_gmt":"2023-01-18T16:45:34","guid":{"rendered":"https:\/\/wncen.com\/?p=516575"},"modified":"2024-06-11T14:33:17","modified_gmt":"2024-06-11T14:33:17","slug":"bitcoin-to-21500-fuel-keep-rising","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/","title":{"rendered":"Bitcoin Soars to $21,500 On &#8220;Hated Rally,&#8221; Is There Fuel To Keep Rising?"},"content":{"rendered":"<p><strong>The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. The number one crypto by market capitalization has seen a double-digit gain over the previous week leading the top performers in the sector. <\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/ethereum-based-frax-finance-is-up-64-upside\/\" target=\"_blank\" rel=\"noopener \">Ethereum-Based Frax Finance (FXS) Is Up 64%, Is There Still Opportunity?<\/a><\/div>\n<p>As of this writing, Bitcoin traded at $21,400 with sideways movement in the last 24 hours. The BTC price records a 23% rally in the previous seven days. Other cryptocurrencies in the top 10 record similar price action with Ethereum (19%) and Polygon (18%).<\/p>\n<p>The crypto has seen some losses but could recover during today&#8217;s trading session.<\/p>\n<figure id=\"attachment_516600\" aria-describedby=\"caption-attachment-516600\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-516600 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-BTC-BTCUSDT-1.png?resize=860%2C394\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"394\"><figcaption id=\"caption-attachment-516600\" class=\"wp-caption-text\">BTC&#8217;s price trends to the upside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/hstM8J8q\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Shorts Are Wipeout, Bear Market Over?<\/h2>\n<p>Any \u201cgood\u201d price rally must be a \u201chated\u201d rally; Bitcoin follows this rule. As the cryptocurrency trended to the upside from its yearly lows, crypto traders began shorting it with overleverage positions.<\/p>\n<p>When Bitcoin was about to breach $17,500, the price action went sideways, allowing overleverage shorts to take positions; these traders were expecting BTC to fail the re-test of this resistance level. Their positions provided liquidity to the upside and the fuel to send Bitcoin to its current levels.<\/p>\n<p>According to a <a href=\"https:\/\/blog.bitfinex.com\/wp-content\/uploads\/2023\/01\/Bitfinex-Alpha-37.pdf\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from Bitfinex, $450 million were recorded in short liquidations as BTC began its ascend. This data represents the most significant short squeeze since July 2021 across the crypto market, as seen in the chart below.<\/p>\n<figure id=\"attachment_516601\" aria-describedby=\"caption-attachment-516601\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-516601 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-BTC-BTCUSDT-Chart-2.jpg?resize=860%2C301\" alt=\"Bitcoin BTC BTCUSDT Chart 2\" width=\"860\" height=\"301\"><figcaption id=\"caption-attachment-516601\" class=\"wp-caption-text\">Source: Bitfinex<\/figcaption><\/figure>\n<p>The BTC price action is displaying a similar behavior; it\u2019s moving sideways as shorts pile in, expecting to profit from another crash. Their positions could still provide fuel for this rally, but the report warns about long traders going greedy, expecting further appreciation:<\/p>\n<blockquote><p>It is typical for bear markets to have a complete wipeout of shorts (\u2026). even with the leg up, the market remains highly illiquid, and with the sharp fall in Open Interest over the weekend, a pullback might be expected with a cautious approach from bulls.<\/p><\/blockquote>\n<h3>Some Room To Run<\/h3>\n<p>Additional <a href=\"https:\/\/twitter.com\/ByzGeneral\/status\/77930240?s=20&amp;t=N0zcrA1qQvCi3fx1hTZFBg\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from a pseudonym analyst indicates that Open Interest, the number of total positions for the derivatives sector, is still skewed to the short side. Thus, traders could see more short-term appreciation before Bitcoin and Ethereum record a pullback.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/this-australian-crypto-exchange-lists-lunc-shib-and-ape-coin\/\" target=\"_blank\" rel=\"noopener \">This Australian Crypto Exchange Lists LUNC, SHIB, And APE Coin<\/a><\/div>\n<p>In this scenario, the $19,600 and $19,700 areas have confluence with the 200-day simple moving average and the liquidity of long positions using 50x leverage or more. In other words, these levels should operate as critical support if BTC begins retracing its gains.<\/p>\n<figure id=\"attachment_516602\" aria-describedby=\"caption-attachment-516602\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-516602 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-BTC-BTCUSDT-Chart-3-1.png?resize=860%2C413\" alt=\"Bitcoin BTC BTCUSDT Chart 3\" width=\"860\" height=\"413\"><figcaption id=\"caption-attachment-516602\" class=\"wp-caption-text\">BTC liquidation levels. Source: <a href=\"https:\/\/twitter.com\/BTCexe\/status\/26382848\" target=\"_blank\" rel=\"noopener nofollow\"><strong>Loner via Twitter<\/strong><\/a><\/figcaption><\/figure>\n<p>As seen in the chart above, $19,600 is crucial if Bitcoin continues to crash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. The number one crypto by market capitalization has seen a double-digit gain over the previous week leading the top performers in the sector. Related Reading: Ethereum-Based Frax Finance (FXS) Is Up 64%, Is There Still Opportunity? As of this writing, Bitcoin traded at $21,400 with sideways movement in the last 24 hours. The BTC price records a 23% rally in the previous seven days. Other cryptocurrencies in the top 10 record similar price action with Ethereum (19%) and Polygon (18%). The crypto has seen some losses but could recover during today&#8217;s trading session. Bitcoin Shorts Are Wipeout, Bear Market Over? Any \u201cgood\u201d price rally must be a \u201chated\u201d rally; Bitcoin follows this rule. As the cryptocurrency trended to the upside from its yearly lows, crypto traders began shorting it with overleverage positions. When Bitcoin was about to breach $17,500, the price action went sideways, allowing overleverage shorts to take positions; these traders were expecting BTC to fail the re-test of this resistance level. Their positions provided liquidity to the upside and the fuel to send Bitcoin to its current levels. According to a report from Bitfinex, $450 million were recorded in short liquidations as BTC began its ascend. This data represents the most significant short squeeze since July 2021 across the crypto market, as seen in the chart below. The BTC price action is displaying a similar behavior; it\u2019s moving sideways as shorts pile in, expecting to profit from another crash. Their positions could still provide fuel for this rally, but the report warns about long traders going greedy, expecting further appreciation: It is typical for bear markets to have a complete wipeout of shorts (\u2026). even with the leg up, the market remains highly illiquid, and with the sharp fall in Open Interest over the weekend, a pullback might be expected with a cautious approach from bulls. Some Room To Run Additional data from a pseudonym analyst indicates that Open Interest, the number of total positions for the derivatives sector, is still skewed to the short side. Thus, traders could see more short-term appreciation before Bitcoin and Ethereum record a pullback. Related Reading: This Australian Crypto Exchange Lists LUNC, SHIB, And APE Coin In this scenario, the $19,600 and $19,700 areas have confluence with the 200-day simple moving average and the liquidity of long positions using 50x leverage or more. In other words, these levels should operate as critical support if BTC begins retracing its gains. As seen in the chart above, $19,600 is crucial if Bitcoin continues to crash.<\/p>\n","protected":false},"author":535,"featured_media":514024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-516575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Soars to $21,500 On &quot;Hated Rally,&quot; Is There Fuel To Keep Rising?<\/title>\n<meta name=\"description\" content=\"The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. 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The number one crypto by market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-18T16:45:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:33:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?fit=1920%2C1081\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1081\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Reynaldo Marquez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rl_m\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Reynaldo Marquez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/\"},\"author\":{\"name\":\"Reynaldo Marquez\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d\"},\"headline\":\"Bitcoin Soars to $21,500 On &#8220;Hated Rally,&#8221; Is There Fuel To Keep Rising?\",\"datePublished\":\"2023-01-18T16:45:34+00:00\",\"dateModified\":\"2024-06-11T14:33:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/\"},\"wordCount\":483,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?fit=1920%2C1081\",\"keywords\":[\"bitcoin\",\"btc\",\"BTCUSDT\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/\",\"name\":\"Bitcoin Soars to $21,500 On \\\"Hated Rally,\\\" Is There Fuel To Keep Rising?\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?fit=1920%2C1081\",\"datePublished\":\"2023-01-18T16:45:34+00:00\",\"dateModified\":\"2024-06-11T14:33:17+00:00\",\"description\":\"The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Soars to $21,500 On &#8220;Hated Rally,&#8221; Is There Fuel To Keep Rising?","url":"http:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-to-21500-fuel-keep-rising\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?fit=1920%2C1081"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-01-18T16:45:34Z","datePublished":"2023-01-18T16:45:34Z","dateModified":"2024-06-11T14:33:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Soars to $21,500 On &#8220;Hated Rally,&#8221; Is There Fuel To Keep Rising?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-to-21500-fuel-keep-rising\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-to-21500-fuel-keep-rising\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-2.jpeg?fit=1920%2C1081\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-01-18T16:45:34Z\",\"datePublished\":\"2023-01-18T16:45:34Z\",\"dateModified\":\"2024-06-11T14:33:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-2.jpeg?fit=1920%2C1081","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516575"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=516575"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514024"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}