Bitcoin price cracks $21K as trader says BTC buy now 'very compelling'

cointelegraph.com:

Bitcoin (BTC) circled $21,000 at the Sep. 9 Wall Street open as newly-won gains endured. Meanwhile, the total cryptocurrency market capitalization has crossed back above the $1 billion mark. 

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as its “short squeeze” punished late bears.

After a brief consolidation, the pair set new multi-week highs of $21,254 on Bitstamp, and now faced resistance in the form of an old support level abandoned in late August.

For market commentators, however, the latest move had already proved decisive — and should favor bulls beyond short timeframes.

“This impulse up is THE confirmation,” popular Twitter trader and angel investor Revolt argued in a thread, reiterating suspicion that a market reversal was long overdue.

Revolt highlighted various on-chain and price chart-based bull signals, among them the end of capitulation for Bitcoin miners witnessed last month.

While acknowledging that he could “definitely be wrong” on the outcome, he nonetheless put faith in a longer-term trend change now entering.

“In this case a HTF bottom that presents a (very) compelling risk/reward,” the thread concluded.

Trader and analyst Rekt Capital, meanwhile, called for caution when assuming that Bitcoin had definitively changed tact.

Pointing to the weekly chart, he argued that traders should avoid the urge to compare the current reversal to a similar event in 2018, as at this point, no macro bottom was guaranteed.

Many will be tempted to assume that #BTC is building a new Ascending Triangle, just like at the 2018 bottom$BTC #Crypto #Bitcoin pic.twitter.com/uc18aKQ74R

In the face of a consolidating U.S. dollar, meanwhile, Wall Street opened with fresh gains in a further boost for risk assets.

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