Bitcoin's Short Squeeze Sparks September Highs

Bitcoin (BTC) experienced increased volatility on September 8, leading to a classic "short squeeze" and reaching new September highs.

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BTC price briefly rose above $26,400 but later fell below $26,000.

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Late traders who chased the market faced losses, resulting in $23.5 million in short liquidations on September 7.

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Reclaiming lost ground from August was seen as significant for BTC's performance.

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Some traders suggested that BTC needed to surpass the $26,600 mark for a clear entry point.

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BTC continued to maintain its 200-day exponential moving average (EMA) at around $25,674.

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Analyst Michaël van de Poppe suggested that this could be the final correction in the BTC price cycle.

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September historically sees a BTC price downside of approximately 10%.

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Market expectations for BTC in 2023 are aligned with this historical trend.

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