$BTC Bitcoin recently witnessed a significant long liquidation with over $8.91K worth of positions closed at $94,678.80. This type of liquidation could indicate that some traders were caught off guard as the price reached these levels, leading to forced sell-offs. Let's break this down and see what the next steps could be for anyone looking to trade Bitcoin.

What Happened.

A liquidation at this scale suggests there was a substantial amount of leveraged long positions in the market. These traders may have been expecting Bitcoin to move higher, but the price action took a turn.

The liquidation price of $94,813.80 might represent a key resistance level for Bitcoin in the short term. Traders who were overleveraged got liquidated as the price hit this point.

What to Expect Next.

Short-Term Market Sentiment: After such a large liquidation, we might see some volatility as positions reset and new levels are tested. The price could consolidate or even retrace slightly before making its next move.

Buy Zone.

Key Buy Zone: Look for potential buy entries near the $88,000 to $90,000 range. This zone could offer some support where price might find stability, especially if there's a slight pullback from the recent high.

Target.

If Bitcoin finds support in this buy zone, the next key target is around $98,000 to $100,000. This represents a potential profit zone if the market continues upward and breaks past resistance.

Stop-Loss.

A stop-loss can be set below the support level, around $85,000. This would protect against any deeper corrections in the market if the price fails to hold at the buy zone.

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