- The amount of short liquidation in Bitcoin has risen to $952 million, and with the price rising to $31,178 levels, a total of $952 million worth of liquidation transactions can occur.
- Analysts predict that the price’s hunting of positions in the intense zone could support Bitcoin’s rise to $31,178 levels.
- If the Bitcoin price surpasses the $29,500 resistance and maintains stability, it can initiate an upward trend, and investors should monitor the $28,700 level as support.
In our analysis of short and long liquidations in Bitcoin price, we highlighted the critical resistance levels that BTC needs to surpass and the support levels that investors need to observe. Here are the details…
Current Support and Resistance Levels for Bitcoin!
6-Hour BTC/USD Price Chart
The chart we examined regarding the support and resistance levels of Bitcoin shows that the price is moving near the $29,500 level. If BTC closes above $29,500 on a 6-hour basis, it can continue its rise towards $31,000 levels. Additionally, if it achieves candlestick closures above the $31,300 level, we can set the next target as $32,300.
However, if the Bitcoin price fails to close above the $29,500 level, it can initiate a downward movement towards the support range of $28,990 – $28,700. As long as the BTC price remains above the $28,700 level, it will aim to reach the targeted level through an upward movement.
Bitcoin Liquidation Rates Continue to Rise!
Bitcoin Liquidation Data Source: KingFisher
According to our article shared on July 29, the amount of short liquidation in Bitcoin has risen to $952 million, and it seems possible for the price to complete these liquidations with just a $1,000 movement. If the Bitcoin price rises to $31,178 levels, a total of $952 million worth of liquidation transactions will occur. However, in the opposite direction, if the price drops to $26,650 levels, a $375 million worth of long liquidation can occur.
Coinotag analysts predict that in such cases, the price will first hunt positions in the intense zone, and therefore Bitcoin can rise to $31,178 levels. However, the only obstacle for this rise is for Bitcoin to surpass the $29,500 resistance and maintain stability on a 4-hour basis.
If Bitcoin can surpass the $29,500 resistance, it can have the potential to initiate an upward trend. BTC investors should monitor the $28,700 level as a support. If Bitcoin does not close below $28,700 on a daily basis, it can continue its rise towards $31,178 levels.
