MARKET overview

In the past 24 hours, there have been market liquidations involving approximately 49K traders and totaling around $115 million, with roughly 70% of positions being long and 30% short, according to CoinGlass.The price has established local support near the 57.5K level, which could allow buyers to attempt 1-2 tests of the resistance zone.

Such a move is plausible, as we witnessed earlier in August. The main uncertainty lies in whether we will see a solid consolidation followed by a breakthrough of resistance and continued upward movement.🤔Personally, I don't anticipate an easy breakthrough above the 60-62K range. However, even if that happens, I expect a subsequent pullback and a full liquidation phase below 50K before significant upward momentum begins in Q4 2024.

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