🚀🚀🚀 Traders eye $71.5K Bitcoin price as open interest jumps 13%

Bitcoin Eyes $71,500 Target Following $65,000 Breakthrough

Bitcoin's price has surged past the $65,000 mark on Tuesday, sparking speculation that it could now head towards the $71,500 level. This prediction is based on historical patterns observed by #Cryptotraders .

Current Market Sentiment

- Price Action: Bitcoin recently surpassed $65,000, with traders targeting $71,500. Pseudonymous trader Rekt Capital noted on July 16 that past breaches above $65,000 often lead to prices nearing $71,500, a pattern seen four times this year.

- Current Trading Price: As of publication, Bitcoin is trading at $65,846 according to CoinMarketCap. If the price reaches $71,500, it will be approaching the all-time high of $73,649 achieved on March 13.

Market Dynamics

- Short Positions: A significant amount of short positions are at risk of liquidation at $71,500. CoinGlass data indicates that approximately $1.47 billion in short positions will be wiped out if Bitcoin hits this level. This suggests that many traders believe the price will not reach $71,500 in the near term.

- Open Interest: Over the past five days, Open Interest (OI) — the total number of outstanding Bitcoin options contracts that have not yet been executed — has increased by 13%, indicating renewed confidence among future traders.

- Historical Patterns: Trader Mags noted that Bitcoin's recent dip to $56,649 might repeat past patterns, as a similar dip in August 2023 led to a 17.5% rally. If history repeats, Bitcoin could reach $70,000 soon.

- Market Reactions: Trader Yoddha described the recent decline as a "fakeout" intended to trap panic sellers, suggesting that the current price action could be part of a larger bullish trend.

Overall, while there is a strong case for #bitcoin☀️ reaching $71,500 based on historical trends, the risk of short position liquidations and recent market fluctuations indicate that the path forward may be complex.

Source - cointelegraph.com

#CryptoMarkets #BinanceSquareTrends

📉 Cautionary tale:
While some make 1000x gains, countless others face losses.

#RiskManagement #BALD #memecoins #Cryptotraders #altcoins
$SOL $USDC $TRX

🤔 Hey #Cryptotraders , are you PREFER ?

BREAKING: 🇺🇸 US President Biden says he's going to make the tax system "fair by eliminating loopholes" for #bitcoin and #Cryptotraders 😱

Types of #crypto Traders

1: SCALPING

👉 1M - 15 Min chart

2: DAY TRADING

👉 15 Min - Day Chart

3: SWING TRADING

👉 4H - Weekly Chart

4: HOLDING

👉Daily - Monthly chart

Which type of Trader you are , tell me in comments 1 , 2 , 4

hurry up

#cryptocurrency #Cryptotraders #tradingStrategy

💥💥💥 #bitcoin☀️ And Solana Brace For Quiet Q3: What #Cryptotraders Should Know

Cryptocurrency Market Analysis

- Crypto analyst Ansem recently discussed Bitcoin ($BTC ) and Solana ($SOL ), highlighting their current stability and potential future movements.

Market Outlook

- Ansem suggests Bitcoin and Solana may not see significant bullish movements until late in the third or fourth quarter. Both #Cryptocurrencies have held above March lows, indicating a consolidation phase, though other assets like Avalanche (AVAX) show signs of potential downtrends.

Technical Insights

- Bitcoin and Solana are maintaining stability above key support levels, but there's a risk of aligning with broader market downturns.

Scenarios

1. Outliers Status: BTC may consolidate between $58,000-$60,000, and SOL between $110-$120, assuming stabilization after sideways movement.

2. Market Downturn: Without outlier status, BTC could drop to $48,000-$52,000 and SOL to $85-$100, following broader market trends.

3. Market Peak: Ansem dismisses a market peak, expecting prolonged sideways movement and development in crypto applications.

Performance

- Bitcoin trades at $65,525, Solana at $135.81. Weekly trends show BTC down 6.4%, SOL down 14.3%, despite minor daily declines.

Altseason Potential

- Analyst Moustache anticipates an Altseason, advising strategic accumulation of quality #Altcoins👀🚀 amid positive signals for Bitcoin.

Conclusion

Ansem's analysis offers insights into crypto markets, highlighting consolidation phases and potential shifts for Bitcoin, Solana, and the broader market.

Source - newsbtc.com

#BinanceSquareBTC

December 15, 2023

Total Market Cap : $1.61T🔵
Trading Volume (24H) : 0.18%🔵
BTC Dominance : 51.90%🔴
ETH Dominance : 16.99%🔵

MARKET BIAS
Short-Term (1-2 Days) : Bullish🔵
Mid-Term (1-4 Weeks) : Bullish🔴
Long-Term (12 Months) : Bearish🔵

$BTC : $42658
- Same as yesterday, we are on a consolidation phase and levels to watch is $44000-$44729 resistance level and if the parallel channel will hold or not.

$ETH : $2266
- Same as yesterday, we are on a consolidation phase and levels to watch is $2370-$2400 resistance level and if the parallel channel will hold or not.

KEY $BTC RESISTANCE: $44000-$44729
KEY $ETH RESISTANCE: $2370-$240

Trading guidance:
- Always refer to the movement of the chart to see where we are possibly heading.

#crypto #Cryptotraders #analyst #elliottwave