Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling volatility again after it reached $17,300 on Bitstamp.

The pair started taking liquidity at the opening of Wall Street on December 8th, which made it build to see it challenge its one-month highs from December 5th.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

An earlier tweet from Dec. 7 explained the rationale, pinning the invalidation at $16,000 support.

“The lows were cleaned up as if they were seen on cue Binance monkeys to support the mid 16k’s,” read part of the accompanying comment:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”

Annotated BTC/USD chart. Source: Credible Crypto / Twitter
Meanwhile, fellow trader Chaedes looked at potential volatility continuing, with BTC/USD ticking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView
“We expect bitcoin to continue as long as we stay above $17,000,” added Michael Van de Poppe, founder and CEO of trading firm Eight, likening the overnight move to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike
Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bear Market ‘Usual’ Despite Losing Major Trendline – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

“Liquidations have been relatively small since the crash in early November, but short liquidations have helped fuel that latest move,” the analytics source On-Chain College confirmed.