Bitcoin (BTC) held higher after hitting $17,000 on Dec. 9, as traders continued to point higher.
Bitcoin Tries a New Monthly High
Data from Cointelegraph Markets Pro and TradingView showed that The BTC/USD pair cooled its volatility again after hitting $17,300 on Bitstamp.
The pair had started taking liquidity at the Wall Street open on December 8, leading it to challenge the one-month highs reached on December 5.
For those already betting on a bullish continuation, the move was not a surprise; the coast was still clear to add profits.
“Move to $18,000-19,000 continues,” summed up popular trader Credible Crypto.
A previous tweet of December 7 explained the rationale: the invalidation was set at the $16,000 support.
“The lows cleaned up and it was like on cue the Binance monkeys showed up to support the mid-$16,000s,” said part of the comments.
“Maybe one more push into the $16,400-16,500 range, and then I’ll wait for a pullback higher and continuation to $18,000-19,000 targets.”
For his part, the trader cheds I observe a possible continuation of volatility; The BTC/USD pair marked its upper Bollinger band on the 4-hour time frames.
At the time of writing, the 4-hour candlesticks were still close to the upper band, both continuing to expand in a classic prelude to increased volatility.
Michaël van de Poppe, founder and CEO of the trading firm Eight, added: “I expect a continuation for bitcoin as long as we stay above USD 17,000”, comparing the overnight move to the late November breakout.
Selloffs Drive BTC Price Rise
A closer look at BTC overnight highlighted the rise in short liquidations.
In a sign of the extent to which market participants assumed further declines would follow, short liquidations in BTC amounted to $7 million in a single hour on Dec. 8, Coinglass data shows. Altcoin short liquidations added another $11 million to the account.
“Selloffs have been relatively small since the early November dip, but short selloffs helped fuel that recent move,” confirmed the analytical resource On-Chain College.
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