The post Bitcoin’s rising liquidations – What it means for BTC appeared on BitcoinEthereumNews.com.

Bitcoin Futures order book remains loose. Bybit moves $3.3 billion worth of BTC to new wallet. The price action of Bitcoin [BTC] is creating a dynamic environment as its Futures order book remains loose. Recent data from the Bitcoin liquidation heatmap showed heightened activity, suggesting potential liquidations that could trigger price movements. This creates a playground for large players to influence price movements in the zone between $67.5K and $69.5K, signaling volatility. With Futures positions competing in these zones, Bitcoin’s price could see rapid swings up or down with relatively small amounts of capital. Source: Coinglass A key support level at $63K may be tested if Bitcoin fails to hold above its key Fibonacci retracement level. However, long-term holders may find reassurance in strong support from the 180 and 120-day moving averages. With nearly 49,000 BTC moved from Bybit’s cold storage to a new wallet, some investors are paying close attention to these significant transfers. Such large-scale transactions could signal market shifts, and the Bybit team’s internal movement of assets should be carefully monitored, especially with liquidations in play. Source: Arkham BTC local top and sentiment In terms of price forecasts, Bitcoin is approaching resistance at $70K, with CME Futures slightly above current prices. Market participants are keenly watching whether BTC can break through this resistance or face rejection. Bulls will need to defend the $68K support level, as maintaining this price is crucial for preventing a more significant drop. Historically, when unrealized profits rise sharply, as they currently have (exceeding $7 billion), traders tend to cash in, which could ramp up selling pressure and trigger a local top before a pullback. Source: CryptoQuant Additionally, sentiment surrounding Bitcoin has turned more positive after a period of pessimism. There has been a noticeable shift towards bullish sentiment on social media. Buying…

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Filed under: News - @ October 21, 2024 2:10 am