#MarketRebound
Big $BTC Short Liquidation! ๐
A significant short position of $71.8K was liquidated at a price of $97,356.12, indicating a strong bullish momentum in the market. This suggests that traders holding short positions are being squeezed, potentially setting the stage for a major market movement.
Support & Resistance Levels:
Support: $95,000 โ This is a critical level where buying interest may emerge.
Resistance: $100,000 โ This psychological threshold could trigger substantial selling pressure.
Whatโs Next?
Bullish Scenario: If Bitcoin (BTC) manages to break through the $100,000 mark, it could be on track to reach new all-time highs. Traders might consider placing a buy stop order above this resistance level to capitalize on the breakout.
Bearish Scenario: Should BTC fail to surpass $100,000, watch for a potential retest of the $95,000 support level. If this support fails to hold, it could indicate a sell-off.
Suggestions:
For Risk-Takers: Consider buying on a breakout above $100K, but use tight stop-loss orders to manage risk.
For Cautious Traders: It may be prudent to wait for a confirmed pullback to $95K before entering a long position.
For Bears: If momentum shifts bearish, selling below $95K could be a viable strategy.
