Bitcoin spot prices are trending upwards, with Bitcoin bouncing above $60,000. This confirms gains from September 13th. The daily chart shows that buyers are back. The confidence follows the United States Federal Reserve’s (Fed) decision to slash rates by 50 basis points on September 18.
Bitcoin Breaks $75,000 and Over $21 Billion in Shorts Will Be Sold
An analyst has noted that BTC is a popular choice for buyers, as evidenced by the dramatic increase in the trading volume of the last day. identified an interesting observation if bulls continue to dominate. According to the analyst, citing market data, and the Binance perpetuals’ liquidation maps, if Bitcoin soars over $70,500 then more than $11 billion worth of shorts would be liquidated.
In the perpetuals markets, leverage traders are looking to profit from market volatility by reducing it. The longs or bulls traders are betting on prices going up and the shots, who are betting prices dropping.
Both positions involve borrowing funds from the market. Margin, or collateral in this case acts as an “insurance”For the exchange. They will therefore sell the stock if the market moves against them.
Bitcoin’s daily chart shows that it needs to increase by 11% to reach the $70,500 spot rate. This level represents the August highs.
Bulls can easily use the subsequent rally to defeat the strong liquidation pressure around $72,000 and $70,000.
BTC Traders Must Pay Attention To The Resistance Zone Between $72,000 and $70,000
Since the June retest, Bitcoin bulls struggled to breach $72,000. A short squeeze can be triggered by any close that is firm and definitive above $72,000. It is therefore highly probable that BTC will retest the $73,800 mark and may even reach new all-time records.
Coinglass data On September 19, it shows that more than $69 Million of leveraged shorts were liquidated within the past 24 hours. More than 13 million dollars worth of longs was also closed by the market due to volatility.
In the last day alone, over 66,000 crypto traders liquidated their positions. The biggest leveraged BTCUSD trade worth $8.9 closed. BybitIn this time, was a trading platform for permanents.
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Source: www.newsbtc.com
