RATE Group | Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze
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Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze

26 Oct Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze

Posted at 00:41h in Cryptocurrency News by

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This week, Bitcoin price broke down from a bear flag pattern, setting a new local low around $7,300, and after some consolidation, broke back upward.

The resulting break out of a short-term pennant has led to a short squeeze of epic proportions, and nearly a $1,000 green candle that sent bears into hibernation and Bitcoin price over $8,400.

Bitcoin Price Blasts Upward To $8,400, Restores Confidence in Bull Market

After Bitcoin price broke down from a multi-month descending triangle, bears completely took control of the number one crypto asset by market cap, and were able to swat the price of the cryptocurrency down to as low as $7,300 this week.

Sentiment hit extreme lows, with the entire crypto community left in fear that the bear market wasn’t over, and a bottom may not be in. But today, the early signs of a reversal are forming, with a nearly $1,000 green candle striking fear into the hearts of overly confident bears.

The powerful upward movements caused any shorts from above to…

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