The drop at $BTC was no surprise; everything was clear from the start.
Many traders entered long positions in stages around 83,000.
The funding rate rose to a record-high positive level.
There was heavy congestion in long positions, which put pressure on the price and led to their liquidation.
This move is nothing new.
Any rise driven by leverage with the aim of triggering liquidations is a fragile rise. Remember that.
Bitcoin's last support level is at 81,000.
So? ๐
A drop toward the 82,500 / 81,700 / 81,000 areas is expected.
There is also a price gap at 79,225 that the price could fall to fill.
Once we reach the areas mentioned, we'll update the outlook.
Many traders entered long positions in stages around 83,000.
The funding rate rose to a record-high positive level.
There was heavy congestion in long positions, which put pressure on the price and led to their liquidation.
This move is nothing new.
Any rise driven by leverage with the aim of triggering liquidations is a fragile rise. Remember that.
Bitcoin's last support level is at 81,000.
So? ๐
A drop toward the 82,500 / 81,700 / 81,000 areas is expected.
There is also a price gap at 79,225 that the price could fall to fill.
Once we reach the areas mentioned, we'll update the outlook.