Bitcoin continues to perform well throughout this week, with an overall gain of 7% despite mounting pressure from bearish opposition. Bitcoin shorts have been gaining momentum over the last month as derivative traders anticipate the #1 asset to decline, with a single investor opening a 10,000 BTC short position placed on September 1 that rocked the market. Impressive resilience from bullish traders in the market has managed to squeeze out many of these short positions however, driving BTC towards the $7,500 mark - a forecasted price point where BTC will aim to break free of its long-standing resistance.
Can bullish support hold out for Bitcoin and finally drive the asset through the eight-month long pattern, or will the mounting shorts break the asset’s back and send it crashing back down? Let’s take a look.
Diving into the 4hr BTC/USD chart, we ...
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