Margin Traders Anticipating and Riding Well Latest Bull Move
Shorters have contributed to the move with some good amounts of closings (2), aka short-squeeze. Short closings w/ claim transactions (3) were also substantial, and had no subsequent spot follow-throughs.
The rise gives bulls extra hope. But Bitcoin still needs substantial additional if it is to overcome the structures configured above.
For the short-term, if it manages to break some of the downtrend, we can expect a rise to around 8 to 8.3k levels.
Trade well. Trade safely. Stay in the game.