BTC Price Holds $90K as Oversold Signal Hints at Potential Short Squeeze: Crypto Daybook Americas
Bitcoin consolidated above $90,000, validating oversold RSI signals that suggest a potential short squeeze could be triggered by positive news.Summary
The crypto market is choppy, with Bitcoin holding steady above $90,000, which validates technical indicators suggesting sellers are losing momentum after the price dropped 30% from its record high. Specifically, back-to-back daily candles with long lower wicks, combined with an oversold Relative Strength Index (RSI), signal potential for a bounce or a short squeeze.
The market is awaiting the delayed September U.S. nonfarm payrolls data, which, despite being old news, could trigger a rally if it suggests increased bets for a Federal Reserve rate cut. Sentiment is currently crushed, with investors heavily scaled back on rate cut expectations.
Other notable news includes Ripple executives discussing native staking on the XRP Ledger, Base co-founder Jesse Pollak launching a personal token on the Base App, and continued yen weakening against the dollar in traditional markets.
(Source：CoinDesk)