Bitcoin price targets stretch to $19K as BTC jumps 4% from daily lows

Bitcoin (BTC) stayed higher aft a $17,000 liquidity drawback connected Dec. 9 arsenic traders targeted further upside.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin attempts caller monthly high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling volatility erstwhile much aft hitting $17,300 connected Bitstamp.

The brace had begun by taking liquidity astatine the Dec. 8 Wall Street open, this snowballing to spot it situation one-month highs from Dec. 5.

For those already betting connected upward continuation, the determination came arsenic small surprise, with the seashore inactive wide to adhd to the gains.

“The determination to 18-19k $BTC continues,” fashionable trader Credible Crypto summarized.

A previous tweet from Dec. 7 explained the rationale, with invalidation acceptable astatine $16,000 support.

“Lows cleaned up and arsenic if connected cue Binance apes showing up to enactment the mid 16k's,” portion of accompanying comments read.

“Maybe 1 much propulsion into 16.4-16.5k and past expecting a reversal backmost up and continuation to 18-19k targets.”

BTC/USD annotated chart. Source: Credible Crypto/ Twitter

Fellow trader Cheds meantime eyed imaginable continuation of volatility, with BTC/USD tagging its precocious Bollinger set connected 4-hour timeframes.

At the clip of writing, 4-hour candles remained adjacent the precocious band, with some inactive expanding successful a classical prelude to accrued volatility.

BTC/USD 4-hour candle illustration (Bitstamp) with Bollinger bands. Source: TradingView

“Expecting continuation for Bitcoin arsenic agelong arsenic we enactment supra $17K,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, added, likening the overnight determination to the breakout from the extremity of November.

Liquidations substance BTC terms run-up

Further investigation of overnight BTC terms enactment highlighted accrued liquidations of abbreviated positions.

Related: Bitcoin 2022 carnivore marketplace ‘usual’ contempt cardinal inclination enactment nonaccomplishment — Analyst

In a motion of the grade to which marketplace participants assumed further downside would enter, abbreviated liquidations connected BTC totaled $7 cardinal successful a azygous hr connected Dec. 8, information from Coinglass shows. Altcoin abbreviated liquidations added different $11 cardinal to the tally.

"Liquidations person been comparatively tiny since the aboriginal November clang but abbreviated liquidations helped substance that caller move," analytics assets On-Chain College confirmed.

BTC liquidations chart. Source: Coinglass

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