Bitcoin has been sandwiched between $68,000 and $69,000 price range. With much effort the first crypto was able to cross the resistances after $67,300 which is now the latest support zone. What is the reason BTC is finding it difficult to fight the current resistance, let’s find out.
Bitcoin has entered an area which is filled with multiple small and big resistance zones. The biggest one being the $69,000 which rejected the price. At the time of writing, bitcoin is trading at $68,143 which means it has fallen under the support level of $68,300. This zone now has become an active resistance. The rejection of price was described along with reasons like Crypto Whale Activities in our previous day’s analysis.
According to the bitcoin liquidity chart, it is evident that no buyers are available in the present zone. This can lead to price drop towards $68,000 and below. On the other hand, the whale order data shows that there are big traders waiting for btc to rise a bit so they can short it. More sellers are sitting in the above zone as compared to buyers. If new long traders do not balance the equation, price correction is evident.
It has happened after a long time that in 24 hours the liquidation value is less than $100 million. The past 24 hours witnessed $87.97 million worth of trades getting washed. These trades majorly belong to short traders. Around 37,000 traders got rekt.
With all the available whale data and liquidity zones in sight, it looks like bitcoin is going to take a correction in price. Though it is trying to sustain the zone, data from RSI and MACD are concerning. But things are not that bad. Bitcoin is famous for a comeback. There are some buyers under this zone so in case the price plummets, they will take care of it. The most concerning area lies between $68,300 to $69,400. Once BTC crosses this path, it will have a strong support to hold the price. Nevertheless, non market events can also cause price volatility, so watch out!
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