⚠️ Important analysis ⚠️
Over the last day, about 53,000 traders faced liquidations trading , totaling around $123 million.
This happened because about half of them had long positions (betting on price increases) and the other half had short positions (betting on price decreases).
Where price fluctuations crushed their trades causing liquidation and loss to traders.
A barrier was formed around $71,500, and the price hasn't been able to break through. This means it's struggling to go higher.
Possible Scenarios:
1) If the current situation continues, Bitcoin might seek more buyers, possibly dropping back to $68,500 or even lower.
2) However, if it manages to break through $71,500, it could signal a move towards $74,000-$75,000.
These scenario’s may possess and cause a positive or negative impact depending on the respective movement of $BTC
As you have observed most of market has a bearish momentum due to low btc rates and this is causing overall bearish sentiment to flow into the market this disturbing other coins as well.
