Bitcoin (BTC) maintained its upward momentum following a rapid increase to $17,000 on December 9, attracting traders looking for further price advancements.
Bitcoin aims for a new high this month
Information from Cointelegraph Markets Pro and TradingView illustrated BTC/USD stabilizing in terms of volatility after reaching $17,300 on Bitstamp.
The trading pair started by seizing liquidity at the Wall Street open on December 8, leading to a challenge of one-month highs from December 5.
For those anticipating a continued upward trend, the rise was expected, leaving room for more profits.
“Well on target for BTC to hit 18-19k,” noted trader Credible Crypto.
A prior tweet from December 7 outlined the strategy with a support baseline at $16,000.
“Clearing out the lows and right on cue, Binance traders are stepping in to bolster the mid 16k’s,” part of the accompanying notes stated.
“Possibly one more push towards 16.4-16.5k followed by an upward turn and progression towards 18-19k objectives.”
Meanwhile, trader Cheds anticipated sustained volatility, as BTC/USD approached its upper Bollinger Band in 4-hour intervals.
As of now, 4-hour candlesticks remained in proximity to the upper band, with both expanding, signaling an impending spike in volatility.
“Bitcoin is likely to rise further as long as it holds above $17K,” shared Michaël van de Poppe, the founder and CEO of trading firm Eight, drawing parallels to the breakout in late November.
Increased liquidations drive BTC’s price surge
Further examination of BTC’s recent price movement revealed a surge in short position liquidations.
As a reflection of the prevailing belief among market participants that a downtrend would continue, short liquidations for BTC peaked at $7 million within a single hour on December 8, according to data from Coinglass. Additional liquidations from altcoins contributed another $11 million to the total.
“Although liquidations have been modest since the crash in early November, short liquidations played a role in fueling the recent rally,” verified analytics platform On-Chain College.
The opinions and views expressed here are solely those of the authors and do not necessarily represent the perspectives of Cointelegraph.
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