Bitcoin at $56,000: What Could Cause the Next Bitcoin Surge
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- Bitcoin bulls overcame pessimistic forecasts and instigated a short squeeze.
- The rally, however, lacked strong momentum, leaving space for a potential “dip” that might ignite renewed optimism.
Bitcoin [BTC] commenced the second week of September with impressive bullish momentum, surpassing $57,000 despite earlier grim projections. However, this surge was fleeting; as of now, BTC is valued at $56,407.
This drop unexpectedly followed an increase in long positions, sparking conjectures about hype triggered by the preceding short squeeze.
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