๐ฅ Bitcoin Price Today: Short Term Whales Could Pause BTC Bounce
๐ Bitcoin's 15% Surge
Bitcoin surged 15% on Thursday, the biggest move since February, amid recession fears and geopolitical tensions. BTC held above $60,000 on Friday, hitting $62,755 alongside the S&P 500 rally.
๐ Whales and Resistance Levels
Whale holding patterns indicate potential resistance between $64,000 and $65,000. Breaking this range could push BTC towards $70,000, but failure might bring selling pressure. The IOMAP model highlights resistance between $63,583 and $64,395, where 1.63 million addresses hold BTC.
๐ Short-term Bearish Outlook
BTC hovered at $60,500, facing headwinds above $62,000. The 20-day EMA at $61,490 and a death cross suggest rally chances are shrinking. If the 200-day EMA support at $59,446 breaks, BTC might target support between $54,520 and $55,657.
๐ Liquidations and Potential Rally
Short position liquidations at $72.6 million tripled long liquidations, creating a potential rally setup towards $70,000. Increased open interest adds momentum, as short sellers buy back positions, boosting BTC's price.
