BITCOIN Continues Smashing Resistances As Bulls Rally BIG

Yowza!! Congrats to the bulls! This is definitely very unexpected. Several factors seem to be causing another huge spike today. One of the big things being a short squeeze. Short-sellers bearish on BTC's price is being forced to close their positions, causing a ton of market buying. With a limited amount of sell orders, volumes are gobbling up these rates as prices skyrocket.

Another factor that's also changed is that market sentiment is growing due to bullish market territories. This is also the times when we start seeing a bunch of bullish crypto articles flooding the markets. I just saw a headline talking about some CEO predicting BTC going to $400k. I still don't know if I'm totally this bullish yet, but overall, bullish continuation is happening.

This move is still a little scary to me though. The $6,000 support level held for so long and was such a relevant factor in this market space that it's crazy how quickly the bulls blew through it. I am thinking a lot of that has to do with the short squeeze as well. Either way, typically markets don't hold up as well when there hasn't been the truly tested break of resistance levels. Since the ceiling was smashed so easily on the way up, I'm not so sure about how the hold up will be. However, these markets always confuse the $h!t outta me.

Watching the order book now, there doesn't seem to be any slow down in volumes yet. So, I think it's wise to let this keep riding for a bit.

If I have to put a price target on resistance, it's $7,700 and then $8,000.

Supports are (in theory) strong at $6,800 and $6,500.