Bitcoin beats out shorts as BTC price attempts to crack $20.5K

Bitcoin (BTC) reclaimed and held $20,000 into Oct. 6 as the latest rebound punished short speculators.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Bitcoin preserves “important” $19,600 zone

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing from local lows of $19,740 on Bitstamp around the Oct. 5 Wall Street open.

The pair then reversed prior losses, leading early shorters into $20 million in liquidations in 24 hours.

*BTC liquidiations chart (screenshot). Source: Coinglass*

At the time of writing, Bitcoin traded around $20,250, having gone on to reach $20,447 on the day.

Michaël van de Poppe, CEO and founder of trading firm Eight, had flagged the lows as a suitable entry point.

“Correction indeed taking place in which $19.8K-$19.9K is an area to look for longs, but also a retest around $19.6K is an important one for Bitcoin,” he wrote at the time.

Popular trader Il Cap of Crypto meanwhile reiterated his existing thesis ov