- The amount of short liquidation in Bitcoin has risen to $952 million, and with the price rising to the $31,178 level, a total of $952 million worth of liquidations could occur.
- Analysts predict that catching positions in the intensive region could support Bitcoin’s rise to the $31,178 level.
- If the Bitcoin price manages to break the $29,500 resistance and sustain it, it may initiate an upward trend, and investors should keep an eye on the $28,700 level as support.
In our analysis of short and long liquidations in the Bitcoin price, we emphasized critical resistance levels that BTC needs to surpass and highlighted the support levels that investors should observe. Here are the details!
Bitcoin Current Support and Resistance Levels!
6-Hour BTC/USD Price Chart
The graph that we analyzed for Bitcoin’s support and resistance levels indicates that the price is moving around the $29,500 level. If BTC can close above $29,500 on a 6-hour basis, it may continue its rise towards the $31,000 level. Additionally, if it can close above $31,300, the next target could be set at $32,300.
However, if the Bitcoin price fails to close above $29,500, it may decline towards the support range between $28,990 to $28,700. As long as the BTC price stays above $28,700, it will aim to reach the targeted level of the upward movement.
Bitcoin Liquidation Rates Continue to Increase!
Bitcoin Liquidation Data Source: KingFisher
As we mentioned in our article on July 29, the amount of short liquidation in Bitcoin has reached $952 million, and the price may complete these liquidations with just a thousand dollars of movement. If the Bitcoin price rises to $31,178 levels, a total of $952 million worth of liquidation will occur. On the other hand, if the price drops to $26,650 levels, there could be a $375 million worth of long liquidation.
Coinotag analysts foresee that in such situations, the price will first catch positions in the intensive region, and therefore, Bitcoin may rise to the $31,178 levels. However, the only obstacle for this upward movement is for Bitcoin to break the $29,500 resistance and sustain it on a 4-hour basis.
If Bitcoin can surpass the $29,500 resistance, it may have the potential to initiate an upward trend. BTC investors should follow the $28,700 level as the support. If Bitcoin does not close below $28,700 on a daily basis, it can continue its rise towards the $31,178 levels.
