BTC General Long/short ratio is at 0.9168 and there is a slight dominance of short positions. Long positions are more dominant on major exchanges such as Binance and OKX. The long/short rates on these platforms are 3.2176 and 2.88, respectively. According to liquidation data, $49.76 million was liquidated in the last hour, and most of it came from long positions. Bitcoin Technical Analysis
Despite bullish signals in the derivatives market, broad market indicators show bears in control. Bitcoin is trading below the Ichimoku Cloud and a bearish trend is observed. On Balance Volume (OBV) oscillator stands at -110.131K while Chaikin Money Flow (CMF) stands at -0.25. These metrics show that money is leaving Bitcoin and the bears are strengthening their control.
Additionally, the Average Directional Index (ADX) is at 35.94, with ADX rising along with falling prices, indicating an intensification of bearish momentum. This shows that Bitcoin's downward trend will continue in the short term. Critical support levels that investors should follow are $52k-48kRecommendations for Users
â Watch carefully for the critical support level of $52000.
â Be careful with long positions as there is a high risk of liquidation.
â Beware of volatility when trading in the derivatives market.
â Maintain existing positions by avoiding new transactions in the options market.
On the upside, resistance levels are at $59,000 and $60,000. A break above these levels could signal a potential reversal. Investors need to monitor these levels carefully.