🚨⚠️ Bitcoin Market Outlook: $92K Short Liquidation Zone vs. $74K Long Liquidation Zone Is a Major BTC Dump Coming? ⚠️🚨
Last time, I explained that a significant amount of long liquidation liquidity was sitting below Bitcoin’s current price. I also predicted that BTC could drop sharply after getting rejected from its resistance.
However, when we look at the major liquidation zones where both long and short traders could get trapped badly, the situation is still interesting. Major short liquidations remain around the $92K area, while major long liquidations are concentrated around $74K. Both levels could play important roles as major resistance and support zones.
Bitcoin recently reached the $87K area before facing rejection. Since it failed to reach $92K, the major short liquidation zone remains untouched. However, when we look at long traders, there is still a larger amount of liquidation liquidity on the downside, which increases the possibility of a market dump.
I am still waiting for BTC to reach the $74K area. Once it gets there, I will share my next analysis.
In my view, Bitcoin should revisit the $74K area based on several factors.
First, let’s talk about trading volume. The massive pump we witnessed over the last few weeks was not supported by sufficient volume to justify such a strong move.
Second, consider the news we have seen recently. The failure of the CLARITY Act, interest rate hikes, and failed negotiations with Iran have all added to the bearish outlook. Yet, whenever the market receives extremely bearish news, it sometimes reacts in the opposite direction, trapping both long and short traders.
Based on these factors, Bitcoin should not even have reached $80K, in my opinion. However, due to the large amount of liquidation liquidity in the market, BTC was pushed higher, trapping traders along the way.
I believe another sharp drop could happen soon.
If you want personalized guidance on Bitcoin or altcoin opportunities, let me know.
#crypto
Last time, I explained that a significant amount of long liquidation liquidity was sitting below Bitcoin’s current price. I also predicted that BTC could drop sharply after getting rejected from its resistance.
However, when we look at the major liquidation zones where both long and short traders could get trapped badly, the situation is still interesting. Major short liquidations remain around the $92K area, while major long liquidations are concentrated around $74K. Both levels could play important roles as major resistance and support zones.
Bitcoin recently reached the $87K area before facing rejection. Since it failed to reach $92K, the major short liquidation zone remains untouched. However, when we look at long traders, there is still a larger amount of liquidation liquidity on the downside, which increases the possibility of a market dump.
I am still waiting for BTC to reach the $74K area. Once it gets there, I will share my next analysis.
In my view, Bitcoin should revisit the $74K area based on several factors.
First, let’s talk about trading volume. The massive pump we witnessed over the last few weeks was not supported by sufficient volume to justify such a strong move.
Second, consider the news we have seen recently. The failure of the CLARITY Act, interest rate hikes, and failed negotiations with Iran have all added to the bearish outlook. Yet, whenever the market receives extremely bearish news, it sometimes reacts in the opposite direction, trapping both long and short traders.
Based on these factors, Bitcoin should not even have reached $80K, in my opinion. However, due to the large amount of liquidation liquidity in the market, BTC was pushed higher, trapping traders along the way.
I believe another sharp drop could happen soon.
If you want personalized guidance on Bitcoin or altcoin opportunities, let me know.
#crypto