The Bitcoin Price Breaks the Resistance at $27,400 After Short Squeeze
The Bitcoin market has been experiencing significant price fluctuations recently. Yesterday’s short squeeze pushed the Bitcoin price beyond the resistance zone of $27,400, reaching an all-time high of $28,500. In this article, we’ll explore the latest developments in the Bitcoin market and the potential impact of China’s web3 plans.
The Bitcoin Price Breaks Out
The Bitcoin price reached the resistance zone between $27,000 and $27,400 on Saturday night, lasting for 13 hours. However, the bulls managed to push through the resistance, resulting in a 5% increase in nine hours. The Bitcoin price was forced to stop at the next resistance zone of $28,500 and has since corrected slightly. As of writing, the Bitcoin price on Coinbase is $27,885.
Bitcoin Shorts Were Taken by Surprise
The sudden price surge is said to have resulted from a short squeeze. Traders who had speculated that the Bitcoin price would fall further were forced to close their positions after the price started to rise. When this happens on a larger scale and multiple traders have to do the same thing, it can cause a chain reaction that makes the price rise faster and faster.
Yesterday’s Bitcoin News
China has big web3 plans, but what effect could this have on the crypto market in the long run? Yesterday, it was revealed that China has started to build a web3.0 network that will provide a more decentralized, encrypted internet. This development could promote the adoption of blockchain technology and cryptocurrencies in the country.
Moreover, Peter Schiff, a well-known gold investor and Bitcoin hater, has launched his own NFT collection on the network, indicating that he may not hate Bitcoin as much as he seemed.
The Bitcoin price’s sudden increase after the short squeeze has attracted a lot of attention in the market. The current support level of $27,500 is crucial for the bulls to hold, with the next resistance zone of $28,500 remaining a critical area to watch. Additionally, China’s web3.0 plans could have significant implications for the crypto market’s future.
As Bitcoin continues to make headlines in the market, it is crucial to keep track of the latest developments and their potential impact.