Bitcoin Surges to New All-Time Highs Amid Relentless Short Squeeze

The crypto market has entered a new phase of bullish momentum, with Bitcoin reaching new all-time highs after a major breakout on September 22. The previous bearish impact from Federal Reserve interest rate hikes has been fully digested, and overseas regulators are sending mildly dovish signals.

This has led to a relentless short squeeze, with surging prices and a complete washout of the previous phase of bottom building at low levels. Since the reversal from the bottom in this cycle, bullish momentum has been sustained, breaking previous highs and squeezing out high-level short positions.

On September 22, Bitcoin surged to new heights, reaching 87,300 before experiencing a technical pullback of nearly 2,000 points. The current price is consolidating around 85,400. The daily chart shows a strong full-bodied bullish candle, with the price firmly above the upper Bollinger Band.

The large timeframe uptrend remains intact, and there are no signs of topping or a bearish reversal. However, the recent rise was too steep, and indicators need time to recover. It's recommended to patiently wait for support at lower levels before entering new longs in line with the trend.