- Bitcoin experienced a significant long liquidation and dropped to the level of $25,200.
- If the BTC price closes above $26,000 on a daily basis, the levels of $27,400 and $28,600 can be targeted. However, closings below $26,000 can strengthen the downward trend.
- Technically, Bitcoin is trading above the support level of $26,100 and needs to break the resistance at $26,800.
Bitcoin experienced a drop after a significant long position liquidation and fell to the level of $25,200. The direction of the price will be determined based on daily closings above $26,000. In a positive scenario, the levels of $27,400 and $28,600 are targeted, while closings below $26,000 can deepen the decline.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When examining the daily technical chart of Bitcoin, it can be observed that the BTC price dropped to the level of $25,200 with a decrease of more than 9%. However, the price rose to the level of $26,500 with a strong buying response from this level.
Currently, the Bitcoin price is trading above the support level of $26,100. If the BTC price closes above this level on a daily basis, it can target the level of $28,000 from a medium-term perspective. However, Bitcoin needs to break the nearest resistance zone at $26,800.
According to Coinotag, it is stated that more than $370 million worth of Bitcoin long positions and $252 million worth of Ethereum positions were liquidated within the last 4 hours.
BREAKING: Bitcoin price declined to $25,166.
– A #Bitcoin position worth $370 million and an #Ethereum position worth $252 million were liquidated in the past 4 hours.
— CO NEWS (@coinotagen) August 17, 2023
It is observed that a significant long liquidation occurred at the level of $25,300 for Bitcoin. With this drop, long positions were liquidated and the probability of the price moving upwards increased. If the BTC price closes above $26,000 on a daily basis, the targets are seen as $27,400 and $28,600.
However, if the Bitcoin price closes below $26,000 on a daily basis, it can expand the downward trend towards $25,200. Therefore, it is important to monitor BTC’s closings above $26,000.
