Leveraged Long Liquidation Strategy: Large-scale long positions being forcibly closed often signals a short-term panic bottom. After BTC fell below 84,000, approximately $550 million in long positions were liquidated. The current price is 83,482, down 3.1% over 24 hours, and one round of leveraged positions has been flushed out.
Price levels: 84,000 has turned from support into resistance; a rebound is confirmed only if that level is reclaimed. Below, 82,500–83,000 is a support zone. Volatility may increase around the release of the Fed meeting minutes. A rapid dip followed by a recovery above 83,000 can be viewed as the end of the stop hunt. #BTC
Price levels: 84,000 has turned from support into resistance; a rebound is confirmed only if that level is reclaimed. Below, 82,500–83,000 is a support zone. Volatility may increase around the release of the Fed meeting minutes. A rapid dip followed by a recovery above 83,000 can be viewed as the end of the stop hunt. #BTC