Can Bitcoin push through this key area to punish leveraged BTC shorts?
In the meantime, however, some are focused on another line in the sand much closer to current spot price.
For Swift, the area around $25,000 is now especially significant. This, he noted in a tweet on Jan. 24, is where bears begin to get liquidated en masse. It is also the site of Bitcoin’s 200-week moving average , a key trend line which has been absent from the chart since the middle of 2022, when it failed to act as support. Bitcoin has since spent a“There is a lot of liquidity from $24,700 - $25,900 which lines up with the 200WMA and the area just above it,” Swift commented.shows that leveraged short positions will start seeing liquidations once BTC/USD passes $23,400 — so far, this is exactly where the rally has encountered momentum problems.
“BTC needs to reclaim this ~$23400 as support to move higher, otherwise there is a risk of a new Lower High forming relative to the Summer 2022 highs.” Such a scenario would mean BTC/USD fails to crack its local highs from August, these in themselves marking brief respite in the 77% drawdown from the all-time highs seen in November 2021.Continuing, Rekt Capital drew attention to the fact that the summer highs also present a resistance zone on longer timeframes.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stablecoin data points to ‘healthy appetite’ from bulls and possible Bitcoin rally to $25KBitcoin price continues to press higher this week as demand for stablecoins and a key BTC price metric suggests bulls have a “healthy appetite.”
Read more »
Bitcoin Breakout Has Opened Doors to $25K: AnalystsBitcoin looks north, with further gains hinging on sentiment in traditional risk assets, one analyst said.
Read more »
Bitcoin (BTC) Price Analysis for January 22Can BTC fix above the $23,000 mark by the end of the week? NickSzabo4 alistairmilne Maybemore_DC WhalePanda
Read more »
BTC metrics exit capitulation — 5 things to know in Bitcoin this weekHas anything really changed for Bitcoin? Here are five things to watch in BTC this week.
Read more »
Bitcoin price stays near $23K as data shows hodlers not selling BTCNothing has succeeded in bringing BTC price down so far, with Bitcoin hodlers also refusing to cash out.
Read more »
Bernstein Names Real Reason Behind Recent Bitcoin (BTC) Price SurgeHere's why cryptocurrency bulls shouldn't overly excited by Bitcoin's most recent recovery
Read more »