Bitcoin Price Sets a Trap as It Rebounds from $37K Low, Aiming for Short-Term Rally Toward $37,700
The post Bitcoin Price Sets a Trap as It Rebounds from $37K Low, Aiming for Short-Term Rally Toward $37,700 appeared on BitcoinEthereumNews.com.
Recently, Bitcoin tried to sustain its value above the key $38K resistance mark but encountered growing selling pressure, leading to a rise in short positions around that level. Consequently, the price of Bitcoin experienced a sharp drop, approaching a low of $37K. However, it now appears to be gearing up for a comeback, as it sets its sights on a short-term trap within $37,700, as noted by a well-known analyst. Bitcoin’s Liquidation Touches $20 Million In the past 24 hours, Bitcoin has seen significant fluctuations, declining from a peak of $38.5K down to $37K, leading to an increase in total liquidations. According to information from Coinglass, the BTC price experienced total liquidations close to $20 million, with long positions accounting for about $13 million of this amount. This development has notably dampened the hype of buyers, as the BTC price lost the progress it had made during its surge towards $38K. According to an analyst, Bitcoin has swept its low-time frame (LTF) low, showing a positive reaction so far. The analysis suggests a possible “trap setup” with a target range of $37.5K to $37.7K. Importantly, Bitcoin maintains a clean uptrend as long as the trendline and structure remain unbroken. $BTC Lol totally not obvious Limit bid walking up price, when that limit bid is pulled spot takers buy at market price One way to push price higher that’s for sure, but not sustainable usually without that limit buyer either spoofing or actually taking on risk (buying) pic.twitter.com/pIfs0S7HAJ — Skew Δ (@52kskew) November 27, 2023 The analyst observes a reduction in open interest, indicating that shorts have been hunted, and on lower time frames, shorts are still favored. There’s a noticeable perpetual discount versus the spot price, which becomes actionable when the spot is bid. The analysis highlights that spot takers…
Filed under: News - @ November 27, 2023 1:18 pm