Three Main Reasons Why BTC Could Soon “Squeeze Up”

The price of the most dominant cryptocurrency out there has not done too well over the past few days. As we can see, BTC lost a lot since the $9,200 peak and currently, there are three main reasons why it could reverse and make the $3,800 crash a nightmare no one wants to think about again.

This is what the trader Filb Filb advised recently. As you know from the crypto news today, he is the crypto trader who called all of Q4 of 2019’s action and the subsequent recovery into 2020 when he published a chart. Recently, this trader outlined the three main reasons why Bitcoin could “squeeze up” meaning that it could enter the bullish territory again. As the analyst said on his Telegram channel, the reasons are the following:

1. Bitcoin’s short term chart which formed a textbook Adam and Eve bottom, which is a good indicator knowing that the price will only go up from the $3,800 levels and a reversal will rapidly take place.
2. The funding rate on BitMEX, which hit extremes near local bottoms and tops and reached a ridiculously high level for shorts, meaning that they pay longs. All of this suggests that the market is leaning very short, sometimes often seen near bottoms.
3. Lastly, the analyst wrote that the “bid side of the order book has massively recovered,” suggesting that there remains buying demand in the crypto markets.

The three main reasons why BTC could soon reverse are listed above. In the Bitcoin news now, we can see strong pressure around the $5,500 mark. While Bitcoin has wicked below the 200-day moving average, it has yet to close a candle above this uptrend.

Furthermore, another analyst named Moe noticed that there was an extremely bullish candle printed on the three day chart of Bitcoin: the TD Sequential printed a nine candle which is often where the prices reverse.

Anyways, today’s cryptonews show that BTC is struggling to go above $5,500 and that the total market cap is still in the $155 billion region. There is a mix of greens and reds with 1% to 2% gains and losses mostly. All of these movements could be covered with more gains or losses, which will obviously be reported later in our news.