Bit by Bit(coin) | CIO Insights

Is the Short Squeeze Start of New Move?

Bitcoin’s spike, over the last few days, past 70K, is being attributed to a “short-squeeze” - but there always has to be a catalyst even for a short squeeze. Is it the renewed “dollar-debasement” argument as the market refocuses on an unsustainable debt burden (see note “Debt Doesn’t Diet on Debt”)? After all, it is the main challenger to Gold as an alternative currency.‍

Rebounding from an extended basing pattern in the low 60s, does set the stage for a breakout - with no major resistance until 82-83k.‍

Bitcoin Surge…

source: Trading view