Bitcoin Analysis Sees $89k Short Squeeze With S&p 500 2% From...

Bitcoin fielded new predictions of a short squeeze as price kept up pressure on key resistance at $88,000, while US stocks went higher.

Bitcoin (BTC) hovered near $87,000 at the Wednesday Wall Street open as analysts eyed short liquidations.

Bitcoin liquidity conditions analysis predicts a return toward $90,000 next.

Range-bound short-term price moves see trader bets pile in either direction.

US macro data gives stocks a modest boost but fails to sway crypto.

Data from Cointelegraph Markets Pro and TradingView showed flat BTC price action characterizing the day’s trading.

A lack of volatility allowed liquidity to build either side of price, with $88,000 now an area of interest for trading resource TheKingfisher.

“There are a lot of short liquidations for $BTC on Binance around $88,253.90, which means the price could get pulled up towards that level,” it explained in a post on X.

Crypto investor and entrepreneur Ted Pillows flagged $89,000 as the key reclaim level for shorts to feel the pain.

“If BTC reclaims the $89,000 level, upside liquidity will be swept first. If Bitcoin loses the $85,000 level, the downside liquidity will be taken out before a bounce back,” he told X followers the day prior.

Source: CoinTelegraph