Bitcoin (BTC) market shows an extended lateral movement without any significant price measure over the past day. It is especially important that premiere Cryptocurrency has lost all market gains from its sudden price increase of 11% From last week returned to previous consolidation levels about $ 86,000. According to the popular crypto analyst Burak Kesmeci, Bitcoin is now set between two important price levels with sufficient potential for a significant price wing.
Bitcoin faces make-or-break on $ 84K and $ 87K liquidation zones
With the help of a liquidation heater, Burak Kesmeci has highlighted two critical price levels that can be influential at Bitcoin next move. In general, a liquidation heat map visually represents the levels where utilized positions, both long and short, risk liquidating. The presence of dense clusters indicates that a lot of liquidity is concentrated at a price, which means that many stop losses and liquidation orders are stacked there.
Regions with these massive liquidity often attract price movements because market creators and institutional traders tend to focus on these liquidity pockets to trigger liquidations and thus allow them to buy at a discount or sell to a premium. According to Burak Kesmeci, BTC 24-hour liquidation heat map from Coinglass Suggests that flagship insights are now between $ 84,849 and $ 87,043 representing two important price points that are crucial to its movement.
Based on the presented analysis, $ 87,043 works as a resistance that indicates that a price break above this level can trigger a short pressing as short traders are forced to buy back their positions at higher prices that contribute to the demand for a price collection. In this case, BTC can rise to about $ 90,000, but will require strong purchase pressure to squeeze to higher price targets to $ 94,000 and $ 99,000.
At the same time, the price region of $ 84,849 presents a crucial support zone that a price falls below, which would cause liquidation of a significant number of long positions and thus induce a significant sales pressure. If this projection occurs, BTC can find immediate support about $ 84,000, but a potential dip to lower levels such as $ 83,000 or $ 80,000 may be feasible.
Bitcoin price overview
At the time of writing, Bitcoin is traded at $ 86,389, which reflects a less 0.11% profit over the past day and a 0.76% profit over the past seven days. However, the main Cryptocurrency is down by 10.84% over the past month and leaves most new market players in a deep loss.
At the same time, the BTC marketing market volume has crashed by 72.39% over the past day, indicating a case in market participation. While the liquidation’s heating map analysis presented by Burak Kesmeci shows two probable roads, investors should also note that Bitcoin may remain scope between both liquidation zones that exclude the introduction of a significant market catalyst.
Featured Image from Investopedia, Chart from TradingView
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