【Bitcoin and Ethereum Bulls Take Charge: $60 Million Shorts Liquidated Ahead of Weekend】
The cryptocurrency market is witnessing a strong bullish momentum, especially in Bitcoin and Ethereum, as the bullish trend becomes increasingly evident. Recently, about $60 million worth of short positions were liquidated, hinting at a potential shift in market sentiment heading into the weekend.
From a technical perspective, Bitcoin has demonstrated resilience at the crucial support level of $40,000, a price point that has historically acted as a psychological barrier between bulls and bears. If Bitcoin can maintain its position above this level, the next resistance to watch out for is likely around $42,000, with some consolidation expected before further upside. On the downside, traders should be mindful of potential support near $38,500 if $40,000 fails to hold.
Meanwhile, Ethereum has also rebounded after recent selling pressure, finding support near $2,100, which conveniently coincides with the 200-day exponential moving average, often considered a key indicator of the long-term trend. Should Ethereum sustain this bounce, immediate resistance could be found at $2,400, a break of which could send it towards $2,500, an area that previously acted as both support and resistance. If prices break below the current support, the next support zone to watch lies around $2,000.
Heatmaps of liquidations show the pressure on the short side of the market, particularly in Bitcoin and Ethereum, where a significant number of short positions were forced to close in a short time frame. Overall, the market is exhibiting bullish characteristics, successfully defending robust support levels.
