Bitcoin (BTC) at a Very Critical Junction: Two Analytics Companies Warn, Sharing Two Expected Scenarios for the Price!
As Bitcoin continues to trade between $60,000 and $64,000, new analyses have emerged regarding what the future holds.
At this point, two analysis companies state that the picture for $BTC is complex. Analysts note that the first significant test in an upward move is the $65,500 level, while in a downward scenario, they draw attention to the massive pool of long liquidation accumulated around $57,000.
First Hurdle for Bitcoin Around $65,000!
At this point, the German analytics company Makrovision Research first shared its current analysis for $BTC. Analysts state that Bitcoin is not yet in a bull market, but bulls have a great chance.
Analysts note that the first hurdle for $BTC is around $65,000, adding that this level stands out as the most critical resistance for $BTC in terms of short-term direction.
According to analysts, Bitcoin’s sustained position above $65,500 could create a new uptrend, potentially reaching $71,500. However, a potential rejection from this level increases the risk of retesting the $61,000 and $58,800 support levels.
In conclusion, analysts interpret the current situation as “there is a rebound rally, but no definitive trend reversal yet.”
Liquidation Data Points to Critical Risk for Bitcoin!
The second analysis came from Alphractal analysts. Drawing attention to liquidation data, Alphractal analysts examined 6 months of data and explained the risky levels in terms of long/short positions.
According to Alphractal data,
“The intense liquidation zone for long positions is between $55,000 and $57,000.
The area where short positions are concentrated is in the $82,000-$84,000 range.”
According to analysts, long positions, particularly those around $57,000, are noteworthy. This is because this level is much closer to Bitcoin’s current price, and a potential pullback could see a large number of leveraged long positions liquidated simultaneously.
If long positions are liquidated in a chain reaction, there is a possibility that selling pressure will accelerate and the price will fall to even lower levels in a short time.
*This is not investment advice.
