The Bitcoin price fell 2.3% in the past 24 hours to trade for $62,832 as of 00:55 a.m. EST on trading volume that jumped 60%.
CoinGlass data indicates that in the past 24 hours, 50,185 traders were liquidated with total liquidations of $105.65 million.
#Bitcoin liquidation levels.
Star Wars candle incoming? pic.twitter.com/FBZvWXMWIE
— Tyler (@TylerDurden) June 23, 2024
According to MartyParty, a trader, analyst, and the host of Crypto Traders Club, the liquidation heat map says, “$60,400 would be max pain for longs.”
For the layperson, max pain in crypto trading refers to the price at which the maximum number of options holders will experience the most financial loss. As regards the liquidation heat map, this fundamental shows the distribution of leveraged positions that have been liquidated across different price levels.
Liquidation Heatmap saying $60400 would be max pain for longs. Liquidation Levels saying $61800. pic.twitter.com/8aKkcQnUYl
— MartyParty (@martypartymusic) June 24, 2024
Meanwhile, the founder of business intelligence firm MicroStrategy, Michael Saylor, forecasts a rally to $10 million for the Bitcoin price, citing “economic immortality.”
The forecast came during an 84-minute podcast interview, which became a deep-dive with Bitcoin podcast host Robin Seyr. Saylor also said he believes that China will ultimately get behind Bitcoin.
#Bitcoin is Economic Immortality.pic.twitter.com/ZtLzUK4kO6
— Michael Saylor⚡️ (@saylor) June 23, 2024
Bitcoin Price Prediction
The Bitcoin price is trading with a bearish bias on the one-day timeframe. It records lower highs as it consolidates within a bearish technical formation, the falling parallel channel. The bears are having their way, seeing as the Relative Strength Index (RSI) is recording lower highs, signifying falling momentum.
The position of the RSI below the mean level of 50 also worsens the bearish outlook. This position is reinforced by the Moving Average Convergence Divergence (MACD), whose position below the signal line (orange band), shows that bearish sentiment abounds in the BTC market.
Increased selling pressure could see the Bitcoin price extend the fall to test the $62,000 threshold, or worse, extend a leg lower to tag the $60,000 psychological level. In a dire case, the downtrend could see the Bitcoin price test the $59,690 range low, levels last tested on May 3.
Notably, a slip below the aforementioned level would be surprising. This is considering the liquidity that previously resided below this level was already collected.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if bulls buy the dip, the Bitcoin price could push north. In such a directional bias, the bearish thesis would only be invalidated upon a decisive candlestick close above $72,576.
Noteworthy, the RSI position at 32 suggests that BTC is just about to be oversold (below 30). If this happens, the pioneer cryptocurrency could kickstart a pullback, which is a recovery that occurs once the asset is oversold.
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Also Read:
99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!