Here are the Crucial Levels to Watch for the Bitcoin (BTC) Price Rally If Bears Continue to Dominate
Market participants appear to be getting happy as Bitcoin prices hit long-awaited highs. The buying pressure that pushed the price above $100,000 appears to have turned into selling pressure. Therefore, after a hard fight, the bears managed to sink the price below $98,000. Buying volume does not appear to confirm the selling pressure, therefore, Bitcoin price may move lower and test key support levels soon.
this bitcoin price A pullback is expected after breaking the long-awaited $100,000 milestone. With nearly all BTC in the black, spot price reversals are much less likely. Meanwhile, data from Coinglass shows that traders took advantage of huge long positions of $100,000 to $103,000, but these positions have since been liquidated. As a result, prices faced a sharp correction.
More than $400 million in long positions were liquidated in what is said to be one of the largest liquidations in the past few months. As such, leverage appears to have been exerted to a great extent, paving the way for a healthy rally. Currently, the price remains above the key demand area just below $97,000, and as long as the coin remains within this range, the likelihood of a move towards the overhead resistance remains high. Mainly due to heavy buying of Bitcoin around this range.
According to data shared by analysts, Alimore than 1.42 million BTC were purchased by 1.45 million addresses, with prices ranging from $95,043 to $97,899. Therefore, these can be considered among the strongest support levels at the moment, and as long as bulls defend them, the possibility of a rebound continues to hover above Bitcoin price growth.
As a result, Bitcoin price continues to remain within the bullish territory despite strong upward pressure provided by bears in an attempt to push the price lower.
