Will Bitcoin Start a Rise to Clear Large Liquidations at the $27,000 Level?

  • Bitcoin’s ability to stay above the $25,800 level reflects a desire for upward movement towards the $27,000 target.
  • The concentration of liquidations and short trades in the $25,200 – $25,500 range indicates market sensitivity.
  • A change in volume intensity signifies Bitcoin’s desire for upward movement and a decrease in selling pressure.

Bitcoin daily technical analysis shows a desire for upward movement towards the $27,000 resistance level, while liquidation data and trade numbers support the potential for growth.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart

When examining Bitcoin’s daily technical chart, it can be seen that it is willing to rise towards its $27,000 resistance level with its ability to stay above the $25,800 level. Additionally, when analyzing this with liquidation data, it increases the potential for growth.

As long as the BTC price remains above the $25,800 support, it may target the $27,000 level first and then the $28,300 level.

Bitcoin Liquidation Data

Bitcoin Liq Data / Hyblock Capital
Bitcoin Liq Data / Hyblock Capital

When examining Bitcoin’s liquidation data, it can be seen that there is a higher concentration of liquidations in the $25,200 – $25,500 range, exceeding $100 million. As shown in the image above, there is a higher density of red lines in the $25,200 – $25,500 range.

With Bitcoin’s recent downward movements, there are 410 short trades compared to 298 long trades. If the BTC price reaches the $27,000 levels, 400 short trades will be liquidated.

Additionally, when looking at volume intensity, it can be observed that the red selling intensity for BTC has decreased, indicating a willingness for price to rise.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Moves 6,404 ETH to Binance Amid $21 Million Transaction – What It Means for Ethereum

According to a recent analysis by on-chain expert Embermonitor,...

MicroStrategy Leverages Bitcoin for Financial Operations, Enhancing Shareholder Value

In a recent update on November 22, Michael Saylor...

Solana (SOL) Emerges as the Next Big Thing in Crypto, According to Bitwise CEO Hunter Horsley

In a recent statement on November 22, 2023, Bitwise...

Ethereum Contracts Hit All-Time High with Open Interest Surpassing $20 Billion

According to COINOTAG News, recent data from Coinglass indicates...

Binance Expands Compliance Team by 34% to Strengthen Financial Regulations

On November 22, COINOTAG News reported that Binance is...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img