Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-descending-within-a-broadening-wedge-heres-why-a-20-jump-could-attract-a-bearish-trend/" rel="noopener noreferrer nofollow">Bitcoin Descending Within a Broadening Wedge: Here’s Why a 20% Jump Could Attract a Bearish Trend!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Ever since the markets have shown signs of redemption, market participants have been hopeful of the upcoming trend. Moreover, the ‘v-shaped’ recovery that assisted the price to regain levels above $71,000 is considered a bullish signal for the upcoming trend. However, the bears managed to offer a strong hindrance at these levels, due to which the BTC bulls are falling short of strength after reaching these levels.&nbsp;
Does this indicate the draining strength of bulls or is it a signal of the bears reclaiming back their dominance?
The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> just faced a minor upswing and was raised above the consolidation zone below $69,000. This move has also attracted some speculation, which may certainly not favour the bullish trajectory. As per the data, the open interest has soared by over $2 billion in the past couple of days while walking into spot resistance.
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 <img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeu-_yr4mCXGdfuq9IFxFk63aOakOD0zIqLphmEbWugOvw5Wr-mTXAuHRe40RB8ruHF1Y4FlEcKtywVOmdO0uB38eFOFbnD3ulDFrIVOICqypKqfAqHEd-3BMi2owZ3_CCvCKg_MyAcXeid6gasutf1Ld4?key=Y4pGa9M-3zKinHrW8z1BZQ" alt="">
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Meanwhile, it is not clear whether the traders are shorting or longing but the probability of shorts is pretty high. The drop from the ATH close to $74,000 has attracted significant shorts and hence this may be the major reason that the BTC price is failing to reach the crucial resistance at $72,500. The <a href="https://x.com/woonomic/status/1798169693771194825" target="_blank" rel="noopener noreferrer nofollow">data from Coinglass</a> shows a dark, thick patch of shorts has been accumulated above $72,000 till the ATH and hence tapping these levels suggests a huge liquidation.&nbsp;
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 <img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcrqRTpjPvkHEX1NDmk_QnUYTRIFY9wCSdY9aLDh_A0aUXhoneCSHR2KVceG3upnQuCM1TTS_r3sZwwTBVy3kaO_C7F4MDYT-bbd704T4MswnYvwL27-bMXJREACeFmkkb0Yb1DKP_UzCu26cdeEiSaUJ8?key=Y4pGa9M-3zKinHrW8z1BZQ" alt="">
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As per the chart, if the BTC price surges above $72,000, then it may trigger a liquidation cascade. Nearly $1.5 billion of short positions are ready to be liquidated, all the way up to $75,000. Therefore, if the bulls display immense strength and form a new ATH, then the BTC price may face a huge short liquidation and a significant rejection may follow.&nbsp;
Collectively, Bitcoin (BTC) continues to remain in a decisive phase and hence a breakout may appear imminent. But if the price marks a new ATH, a strong rejection may also follow.&nbsp;
Also Read : <a href="https://coinpedia.org/price-analysis/memecoins-regain-momentum-floki-surges-by-more-than-25-while-pepe-doge-catch-up/" rel="noopener noreferrer nofollow">Memecoins Regain Momentum: FLOKI Surges by More than 25%, While PEPE &amp; DOGE Catch Up!</a>

Bitcoin Descending Within a Broadening Wedge: Here’s Why a 20% Jump Could Attract a Bearish Trend!

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