Good morning, everyone 🌸
Once again, #Bitcoin managed to hold above the $58,000 support level. This level has served as a significant support/resistance flip, making its preservation crucial.
Yesterday's daily close above this support was a positive development. The sideways movement in price indicates that liquidations continue to accumulate. #Binance
Long liquidations are concentrated between $55-53k and $49-46k. Short liquidations, on the other hand, are heavily concentrated between $65-67k.
Short liquidations, on the other hand, are heavily concentrated between $65-67k.
If a daily close occurs below $58k, there's a potential for the price to first pull back to the $55-53k range and then to the $49-46k range. Hence, maintaining the $58k support is very important.As long as the $58k support holds, the probability of the price moving towards the $65-67k range, where short liquidations are concentrated, appears higher.
Wishing everyone a great day and successful trades.
