Bitcoin (BTC<\/a>) extended volatility into the Sept. 8 Wall Street open as a classic \u201cshort squeeze\u201d sparked new September highs.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price movements liquidating shorts and longs alike.<\/p>\n Bitcoin had seen upside momentum the day prior, culminating in a trip above $26,400 after the daily close.<\/p>\n A subsequent comedown nonetheless took BTC\/USD full circle, and the pair was back under the $26,000 mark at the time of writing.<\/p>\n Welp — lets take out the lows again then eh? pic.twitter.com\/EVeXRnuwJ6<\/a><\/p>\n \u2014 Jelle (@CryptoJelleNL) September 8, 2023<\/a><\/p><\/blockquote>\n The result was punishment for late traders chasing the market up and down. According to data from monitoring resource CoinGlass, short liquidations totaled $23.5 million for Sept. 7, with the Sept. 8 long tally not yet known.<\/p>\n \u201cShorts got hunted as expected,\u201d popular trader Skew wrote in part of overnight market coverage on X (formerly Twitter).<\/p>\n $BTC<\/a> Binance & Bybit Open Interest note the OI added here with small price reaction and decreasing perp bid delta, this implies more shorts scaling into price on this second drive higher https:\/\/t.co\/OULNlQrQof<\/a> pic.twitter.com\/X1hNlvjbdc<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) September 7, 2023<\/a><\/p><\/blockquote>\n Fellow trader Daan Crypto Trades highlighted the significance of reclaiming lost ground from August.<\/p>\n \u201cBitcoin Was finally able to break above the September monthly open after testing it numerous times. It is now retesting it,\u201d he told<\/a> X subscribers on the day. <\/p>\n \u201cThe question is, will it provide as much support as it did resistance? Up to the bulls to try and maintain a \u2018green\u2019 September.\u201d<\/p><\/blockquote>\n CoinGlass data confirms that September tends to produce a BTC price downside of close to 10%, with market expectations skewed appropriately for 2023.<\/p>\n Continuing, trader Crypto Tony dismissed the strength of the overnight move, advising that $26,600 was the line in the sand to cross.<\/p>\n Related:\u00a0Bitcoin all-time high in 2025? BTC price idea reveals \u2018bull run launch\u2019<\/a><\/em><\/strong><\/p>\n \u201cNice rally off the $25,600 range low, but no follow through up to the range highs, so again we are stuck mid range,\u201d he explained<\/a> alongside an explanatory chart. <\/p>\n \u201cNo entry for me on Bitcoin unless we clear $26,600.\u201d<\/p><\/blockquote>\n After returning to familiar territory from the first week of September, BTC\/USD nonetheless continued to preserve<\/a> the 200-day exponential moving average (EMA), currently at $25,674.<\/p>\n Commenting on Bitcoin\u2019s interaction with the 200-week EMA in previous cycles, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, ventured that the market was in the midst of the \u201cfinal\u201d BTC price drop this time around.<\/p>\n \u201cTechnically speaking, we can solely focus on the price action in 2019, but that doesn’t grant a clear case. The case in 2015 (given the new participants joining this cycle into the markets -> institutions), we can correlate the current market with that cycle,\u201d part of commentary stated.<\/p>\n \u201cIn that regard, this is the final correction.\u201d<\/p><\/blockquote>\n There’s a level which #Bitcoin<\/a> must hold in order to avoid a significant crash.<\/p>\n Bitcoin is currently holding onto a significant level of support. It’s around the $25,500 barrier. <\/p>\n In the meantime, we’re facing a month of destruction. September. What’s next for Bitcoin? \u2026 pic.twitter.com\/nNI8GmxKuN<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) September 7, 2023<\/a><\/p><\/blockquote>\nBitcoin offers a round trip to $24,400<\/h2>\n
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Shorts got hunted as expected <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/52cf017a-4c36-4486-b4dc-9231bc15919d.png\")
Analyst: BTC price cementing \u201cfinal correction\u201d<\/h2>\n
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