The following is an excerpt from a recent issue of Bitcoin Magazine PRO, Bitcoin Magazine’s premium markets newsletter. To be among the first to get these insights and other on-chain bitcoin market analysis delivered straight to your inbox, subscribe now.
A standalone bitcoin rally or a high beta move? Either way, bitcoin holders are celebrating the latest action to kick off 2023. Bitcoin has shown significant momentum and has driven all key short-term price levels on daily moving averages and on-chain prices. In fact, every major high beta play in the market is showing the same strength, giving us more caution than confidence in this latest short squeeze featured last week in “Bitcoin Rips to $21,000, Shorts Demolished in Biggest Squeeze Since 2021.”
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