After a week of panic selling, Bitcoin (BTC) has strongly rebounded back above $68,000 today. MicroStrategy founder Michael Saylor just tweeted to confirm that the company has purchased another 5,000 bitcoins at an average price of $65,500, an act seen as a 'stabilizing force' for market confidence. Coinglass data shows that this news triggered a short squeeze, with over $180 million in short positions liquidated within just 4 hours.
Furthermore, Bloomberg reported that BlackRock's IBIT ETF turned to positive inflows today (+$120 million) after five consecutive days of net outflows, indicating that institutional funds are beginning to re-enter the market. JP Morgan's latest report also believes that the market has 'overpriced' expectations of hawkishness from Kevin Warsh. Technically, BTC has formed a double bottom at $65,000, and the RSI has quickly rebounded from the oversold region. The strategy suggests 'buying on dips (Long)', with a short-term target price of $72,000.
#MicroStrategy" #ShortSqueeze #CryptoReboundStratergy #BuyTheDip
