#BTC☀ Market Analysis Update
Over the past 24 hours, liquidations in the cryptocurrency market have affected approximately 118,000 traders, amounting to a total of $331 million. Of this, around 40% originated from long positions, while approximately 60% came from short positions, as reported by CoinGlass.
Key Observations:
Resistance Zone: The short-term resistance for BTCUSD is currently at the $91K–$93K range.Potential Breakout: A breakout and sustained consolidation above this zone could propel BTC towards the psychological $100K level.Current Price Action: Until a breakout occurs, BTC may trade within a narrow range, reflecting a balance between bullish and bearish forces.
Market Dynamics:
Miner Activity: Miners have sent ~45,000 BTC to exchanges recently, contributing to active selling pressure.Retail Behavior: Retail investors, in contrast, have been withdrawing BTC from exchanges, leading to reduced immediate supply.
Outlook:
The market is undergoing a phase of adjustment as participants acclimate to new price levels. This period is critical for establishing new support and resistance zones, as some traders offload positions while others continue to accumulate.
Patience will be key as the balance of power between buyers and sellers evolves.
