The post Bitcoin worth $244M to be liquidated at $61K: What happens after this? appeared on BitcoinEthereumNews.com.

$244M Bitcoin in new shorts will be liquidated at $61K, and $9.17B Bitcoin at $68K. Still, the realized price, high whale ratio, and new ATH in money supply suggest buying BTC. The Bitcoin [BTC] market is currently uncertain, struggling to maintain a clear upward trajectory after recovering from the downturn on the 5th of August, caused by Japan stocks crash. As of time of press, BTC remained just under the $60K level, but challenges remained. A cluster of 4,000 new shorts lie in wait, with spot sell orders just above $61K.  So, BTC could break the $60K price level overnight, but stall at $61K. This was the downside as high-leverage long liquidations loomed around the $58K price mark.  Source: Coinglass Additionally, $9.17 billion in Bitcoin shorts could be liquidated if BTC reaches $68K, which also threatens its ability to reach new highs.  However, other data supports BTC’s continued recovery, potentially reaching a new ATH by Q4 2024 or Q1 2025. Bitcoin: Buying opportunity ahead? Bitcoin recently dropped below the 200-day Simple Moving Average but has double bottomed, a key indicator for long-term trends continuation. In a bull market, this dip can present a buying opportunity, suggesting a potential rebound.  However, if Bitcoin’s price remains below the 200-day SMA for an extended period of time, it could signal the beginning of a bear market.  Source: Glassnode Despite this risk, analysts believe that Bitcoin is unlikely to enter a prolonged downturn at this stage.  The current situation suggests a temporary dip rather than the start of a bearish phase, with a strong possibility for recovery and continued growth. Whale accumulate as global liquidity surges  Bitcoin whales are also increasing their holdings, indicating a potential price rise. Analysts note that large investors and traders are buying during the price dips, a pattern that…

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Filed under: News - @ August 19, 2024 5:09 am