- The bitcoin market has gone parabolic as we blasted off through two major weekly levels. The resistance got crushed due to a high amount of short positions that were force liquidated in an event known as a “short squeeze.”
- We are currently testing the $8,000 level but a major weekly resistance level looms directly overhead in the $8,150 area. The price structure is looking fairly climactic and we might see a strong round of selling hit the market that could potentially pull us down to retest the mid-$6,000s.
- If we manage to crack the overhanging resistance and find support, we can expect to see further price growth as we once again decimate a macro resistance level.
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This article originally appeared on Bitcoin Magazine.
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