TL;DR

• Bitcoin has been clawing its way back to the $28.5K price level for about a year now...and it's finally made/held it!

• If BTC hits $30K, a whole bunch of short sellers are going to be forced to buy Bitcoin to cover their positions...

• And that buying pressure will only push the BTC price higher, and higher...

• Until eventually we're all holding hands, hugging and crying - wiping our tears away with $100 bills...or something like that, idk - technical analysis is confusing.

Full Story

Time for our bi-weekly(ish) check in with Bitcoin.

The theme of the past few weeks: slow and steady wins the race.

Bitcoin has been in a solid spot of late. But you might have missed it, because we (the crypto community) only tend to talk about Bitcoin when its being erratic.

Big runs up, or catastrophic meltdowns is what gets our attention.

But right now, Bitcoin is doing neither of those things - instead it's slowly trending upwards. Which, given the recent chaos of the central banking system, is nice to see!

Ok, that's where everything's at...but where are we going from here?

Honestly, we have no idea.

BUT! We do have an internet connection and a bunch of spare time, so we boiled down the general murmurings collected in  this article  - so you don't have to!

The story is this:

Bitcoin has been clawing its way back to the $28.5K price level for about a year now...and it's finally made/held it!

"...that's nice, dear" we hear you say. (Fair enough).

Where it gets exciting is if/when BTC breaks $30K.

If that happens, a lot of short sellers will be forced to buy back Bitcoin...what does that look like?

Well, if you're a short seller - the game is this:

You borrow 1 BTC at (say) $28K → sell it immediately for $28K → wait till BTC goes down (to say, $26K) → buy it back, pay off your loan → and the $2K difference in price is your profit.

But! If the price goes UP - your lender will eventually force you to buy the Bitcoin back at the higher price, and make them whole.

So the theory is:

If BTC hits $30K, a whole bunch of short sellers are going to be forced to buy Bitcoin to cover their positions...and that buying pressure will only push the BTC price higher, and higher...

Until eventually we're all holding hands, hugging and crying - wiping our tears away with $100 bills.

...or something like that, idk - technical analysis is confusing.