Bitcoin

Bitcoin Price Rally Retested the CME Gap, Yet $62,000 Is Imminent!

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Highlights

    Billions worth bitcoin liquidated in a small-time frame which declined the price miserably

    The plunge may drop the price below $55K levels if a healthy rebound does not occur within the time

    BTC price seems to have filled the CME gap and hence a healthy rebound to the levels above $60K may be imminent

Bitcoin Price Rally Still Looking Bullish!

The Bitcoin price rally recently hit new highs above $60,000 and hence the price target for the BTC price rally was set above $70,000. However, the price consolidated for a while and plunge mercilessly in the past couple of hours. 

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As the liquidations of billions of shorts led to a surge towards the ATH, billions of longs liquidations result in a plunge. According to reports nearly $1.12 billions of longs were liquidated in just 5 minutes. The possibilities of institutions extracting their profits cannot be ruled out. 

The most pivot thing for the BTC price currently is to hold strong above $55,000 levels, after which, $65K levels is imminent. On the contrary, failing to sustain above the levels may accelerate the plunge close to $51.5K levels.

BTC Plunge Filled CME Gap!

The CME gap and the BTC price are sometimes closely related. However, most of the times, it is not mandatory that the gap fills, yet the current gap around $57K seems to be filled. Moreover, it has tested the critical support area around $55.5K and the long liquidations, both indicate a possible bull run.

The price is expected to rebound to the level above $60,000 in a very short while. However, Bitcoin has always bounced back each time after a massive pullback and hence, the current plunge will also be reverted very soon.

Collectively, the bitcoin price rally is may continue towards the set targets above $73,000. However, the rally includes slight plunges or pullbacks which may be recovered very soon in the coming days. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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