RATE Group | Did Tether Trigger a Short Squeeze or a Dead Cat Bounce? (Bitcoin Price Analysis)
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Did Tether Trigger a Short Squeeze or a Dead Cat Bounce? (Bitcoin Price Analysis)

16 Aug Did Tether Trigger a Short Squeeze or a Dead Cat Bounce? (Bitcoin Price Analysis)

Posted at 11:23h in Bitcoin News by

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This time yesterday it appeared that all was lost, as Bitcoin price slipped within $100 of the current 2018 low. Then something unexpected occurred. Perhaps shorts got squeezed out of their loftily precarious positions or was it Tether’s newly minted $130 million USDT that saved the day?

Bitcoin Price Market Overview

Bitcoin 00 spent the better part of the day fighting off bears and the cryptocurrency managed to post an impressive 10% gain as it briefly crossed above $6,600. Eventually, buyers became exhausted and BTC pulled back to the $6,200 to $6,300 range.

While today’s rally was pleasantly surprising, a bullish reversal is yet to be confirmed and just like last week, its possible that Tether could have intervened to save the day by injecting $130 million of newly minted USDT into the cryptocurrency market. Perhaps this is why we see BTC price quickly cooling off after such an impressive run.

For those that believe today’s movement was the result of shorts being…

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