#bitcoin☀️ has successfully held above the $58,000 support level. This level has served as a significant pivot between support and resistance, making its preservation crucial.
Yesterday's daily close above this support was a positive development. The sideways price movement indicates that liquidations continue to accumulate.
Long liquidations are concentrated between $55,000 and $53,000, and between $49,000 and $46,000. Short liquidations, on the other hand, are heavily concentrated between $65,000 and $67,000.
If a daily close occurs below $58,000, the price could first return to the $55,000 to $53,000 range, and then to the $49,000 to $46,000 range. Therefore, maintaining the $58,000 support is extremely important. As long as this support holds, the likelihood of the price moving towards the $65,000 to $67,000 range, where short liquidations are concentrated, seems higher.
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