Bitcoin [ remains range bound in lower timeframes trading at $54,277. The first cryptocurrency by market cap records almost no gains in the daily chart, but a massive 23.9% in the 7-day chart.
Bitcoin moving sideways in the daily chart. Source: BTCUSD Tradingview
The general sentiment in the market has flipped bullish, as investors seem to be waiting for further appreciation in Q4, 2021, a period that usually works for the bulls. Investment firm QCP Capital believes that Bitcoin’s price recent returned to the mid $50,000 was due to a “short squeeze”. Triggered by a high number of liquidations in short positions, the big move to the upside has its origin on Chinese crypto exchanges. In addition, QCP Capital found that institutions were behind Bitcoin reclaimed of the $50,000 as evidence by the uptick in the Chicago Mercantile Exchange (CME) open interest and the increase on the premium for these derivatives versus the price of BTC in the spot market. QCP Capital claimed:
The unusually