- $205 million shorts and $153 million longs liquidated.
- BTC price wrecks both bull and bear trades.
- Could an extended bull cycle still play out?
The price of the pioneer crypto asset, Bitcoin (BTC), fell below $77,000 after having maintained prices above the critical $76,000 support line. Presently, it is trading in the $76,000 price range, and analysts hope to see the price climb higher and break to above $80,000 to maintain bullish momentum. In the last 24 hours, $205 million shorts and $153 million longs liquidated as BTC price wrecks both bull and bear trades.
$205 Million Shorts and $153 Million Longs Liquidated
Bitcin spent the last few weeks trying to break above the crucial $76,000 resistance level and turn it into support. To highlight, the asset went through two failed attempts, going as high as $74,000, only to fall back down to the $60,000 price range, before it finally broke past the $76,000 price mark. From there, the asset went as high as $78,000, leading traders to hope for a break above $80,000.
Instead, today, the price of BTC fell back to the $76,000 price range, and experts hope BTC continues to hold above the $76,000 to keep bullish momentum going. The dip in BTC price also led to ETH falling below $2,300, another crucial price range that was hoped to be maintained if ETH was expected to break past $2,500 and surge higher to trigger the altseason peak phase.
As we can see from the post above, in just 24 hours, BTC pumped from $77,200 to $79,400, liquidating $205 million short trades, then immediately dumped back below $77,500, liquidating another $153 million long trades. That’s $358 million total liquidations within the crypto market in just 24 hours. The analyst then goes on to note where the price of BTC could swing next.
Based on his observations, the $79,500 – $81,500 price range has significant liquidity built up that could be swept next, potentially leading to higher levels. However, the price range of $74,500 – $77,500 below also has more liquidation clusters stacked up, making this the ‘higher probability’ zone to visit from a liquidity perspective. No doubt, due to these fluctuations in BTC price, both bulls and bears are getting ‘rekt’.
BTC Price Wrecks Both Bull and Bear Trades
These short and volatile price actions have led the expert in the post above to declare that market markets are pulling the same market price action as before, which is to push the old ATH price, trigger panic selling, wipe out stop losses, and shake out weak hands. The video in the post shows how this script has played out before. The post goes on to conclude that the last time this occurred, the next bull run played out immediately.
