CandleFocus Bitcoin Short Squeeze Alert: BTC Price Pump to $59k Around the Corner?
2024-09-10
Author: Content Editor
The recent rise in Bitcoin's price has sparked hopes of a crypto rebound. The bullish divergence in Bitcoin's daily Relative Strength Index (RSI) and increased demand from whale investors suggest further price gains. US spot Bitcoin ETFs saw a net cash inflow of $28 million, led by Fidelity's FBTC. The overall supply of stablecoins on centralized exchanges also increased by $300 million in the past 24 hours. Market data indicates a possibility of a Bitcoin short squeeze, which could attract more whale traders and lead to further pumping of Bitcoin. Bitcoin's price is expected to be influenced by tomorrow's US CPI data and could potentially reach $59k before retracting to $50k.
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