Bitcoin’s short squeeze “isn’t over” as BTC’s price sees weekly gains of 17%.

Bitcoin (BTC) remained bullish until the weekly close on September 10, as optimistic forecasts favored the next $ 23,000.

1 hour BTC / USD (Bitstamp) candlestick chart. Source: TradingView

The $ 23,000 goals remain in effect

Data from Cointelegraph Markets Pro e TradingView

showed that BTC / USD hit $ 21,730 on Bitstamp overnight, the highest since Aug 26.

The pair managed to hold on to its previous gains although low-volume trading conditions over the weekend may amplify any weakness.

Among analysts, enthusiasm was palpable for the new week, which should prove to be pivotal for the near-term price action of cryptocurrencies.

The merger of Ethereum (ETH) and new inflation data in the US have been the main catalysts that should affect the market.

“You expect volatility to increase around next week’s economic data,” chain-tracking resource Material Indicators he wrote in part of a tweet over the weekend.

“In the meantime, remember… THIS is a demonstration. If you don’t make a profit along the way, you risk giving it all back. “

An accompanying chart showed that Binance’s BTC / USD order book was providing solid resistance near $ 21,500, a zone that the bulls subsequently appeared to break out of.

BTC / USD (Binance) order book data. Source: material indicators / Twitter

For the popular Crypto Boss account, meanwhile, there was room for further upside.

He addedhowever, there was a “90% chance” that BTC’s price action would return below $ 20,000 in the future.

$ 23,200 was also a target for trader CJ, who looked at various short-term levels for clues about long and short entry positions.

“Septembears” suffer a beating

The weekly close therefore looked set to be a three-week high, Bitcoin already trading above closing prices since the second half of August.

READ ALSO :   Mooners and Shakers: Ravencoin flies and Bitcoin pumps, but Ethereum flattens out before Merge

Related: Bitcoin Analyst Who Called 2018 Fund Warns “Bad Winter” Could See $ 10,000 BTC

1 week BTC / USD candlestick chart (Bitstamp). Source: TradingView

On the macro front, the hopes that a sustained rise in risk assets would ensue became more explicit, with analyst Hernik Zeberg particularly confident.

“Whenever inflation peaks – the stock market rises! EVERY TIME! And the RSI (momentum) – is in a tipping zone,” he said. discussed in the day.

“US CPI out on Tuesday. This time it will be no different!”

Annotated chart of US inflation versus the S&P 500. Source: Henrik Zeberg / Twitter

July CPI data showed that the US may have already experienced a spike in inflation.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move carries risk, you should conduct your research when making a decision.