amazing! Nearly 50,000 BTC were mysteriously transferred, is the market about to set off a huge wave?
Recently, Bitcoin’s futures order book has appeared relatively loose, creating a market environment full of variables. According to the latest data from the Bitcoin Liquidation Heat Map, market activity has increased significantly, indicating that potential liquidation events could trigger severe price swings.
This situation provides a stage for large market players to influence price trends, especially in the price range of US$67,500 to US$69,500, where price fluctuations are particularly significant. As futures positions compete fiercely in these key areas, Bitcoin's price can move quickly with relatively little capital.
If Bitcoin fails to hold above the key Fibonacci retracement level, the important support level of $63,000 may face a severe test. However, long-term holders may find some solace in strong support at the 180-day and 120-day moving averages.
Recently, the market has also paid close attention to the transfer of nearly 49,000 BTC from Bybit’s cold wallet to a new wallet. Such large-scale capital flows may herald an imminent change in the market, and the asset flows within the Bybit team are particularly worthy of investors' close attention, especially in the context of frequent liquidations.
Bitcoin price approaches resistance, market sentiment turns positive
From a price prediction perspective, Bitcoin is gradually approaching the $70,000 resistance level, while CME futures prices are slightly higher than the current spot price. Market participants are waiting with bated breath to see if Bitcoin can successfully break through this resistance level or face the fate of refusing to fall back.
If the bulls can hold on to support at $68,000, it will be crucial to prevent further significant price declines. Judging from historical experience, when unrealized profits rise sharply, traders often choose to cash out and exit, which may increase selling pressure in the market and trigger local highs before a correction.
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