Bitcoin started to decline from 18:00 to the current price of around 70700, with a decrease of 3% within 7 hours, and currently, no rebound trend is observed. The price may further drop. So, at what point can one bottom-fish, and what points should shorts pay attention to? Let's take a look at the concentrated liquidation points from the liquidation map:
From the liquidation map, it can be seen that the accumulated short strength above during the downtrend has far exceeded the liquidation strength of the longs below. Currently, the concentrated liquidation points for shorts are at 71590.72470 and 73400, with accumulated liquidation strengths of 150 million, 310 million, and 640 million dollars respectively. The concentrated liquidation range for shorts has accumulated up to around 74230, with a total liquidation strength of 849 million dollars.
Shorts need to pay special attention to the point at 71590. This is not only a support-resistance exchange area above but also the first concentrated liquidation point. If the price rebounds and stabilizes above this range, this round of adjustment will basically be declared over.
In contrast, the current liquidable strength of longs is far less than that of shorts. The main concentrated liquidation points are only at 69800 and 69450, with accumulated liquidation strengths of 188 million and 217 million dollars respectively. The cumulative liquidation range for longs is mainly concentrated around 69100, with the remaining accumulated liquidation strength in this range being 294 million dollars.
Near 69800, there is a CME futures gap. If a spike rebound occurs at the 69450-69800 level, it should be a good entry point for longs.