🔭 THE ULTIMATE BITCOIN ANALYSIS ✊

▫️ Key Levels:

• Resistance: $73,881

• Support: $60,371

• 200-Day Moving Average: $58,117

▫️ Observations:

• Current price: $61,551.

• Price is above the 200-day moving average, indicating a bullish trend.

• RSI indicates oversold conditions, enhancing the likelihood of a bullish rebound.

▫️ Expectations:

1. Uptrend:

• Breaking $62,000 will strengthen the uptrend towards $75,000.

2. Downtrend:

• Breaking below $62000 may lead to a correction towards $58,117.

▫️Analysis of Liquidation Data (Heatmap):

• The heatmap shows a high liquidation level around $75,000, indicating strong resistance in this range.

• Liquidation levels suggest increasing selling pressure at higher levels.

▫️ Summary of CoinGlass Data:

1. Cumulative Volume Delta (CVD): -1.019M

• Selling volume exceeds buying volume, indicating selling pressure.

2. Funding Rates: 0.0041

• Positive funding rates suggest traders are paying to open long positions.

3. Open Interest: 77.588K

• High open interest level, increasing the likelihood of price volatility.

4. Aggregated Liquidations: 218.368M

• Significant liquidation volume, indicating potential for sharp price movements.

5. Aggregated Long/Short Ratio: 0.9636

• Long to short ratio is less than 1, indicating a preference for short positions over long positions.

▫️ Conclusion:

• Uptrend: Likely to continue as long as the price stays above $60,371. Breaking $62,000 will strengthen the upward momentum.

• Downtrend: Breaking below $62000 may lead to a correction towards $58,117.

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