Ethereum

Bitcoin

Million

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 Cover image via <a href="https://u.today/">U.Today</a>
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The cryptocurrency <a href="https://u.today/arbitrum-arb-reversal-denied-shiba-inu-shib-enters-0000008-cardano-ada-lands-on-substantial-support">market</a> is witnessing a strong bullish momentum as Bitcoin and Ethereum bulls start to assert control. In a significant <a href="https://www.coinglass.com/LiquidationData">development</a>, shorts worth approximately $60 million have been liquidated, signaling a potential shift in market sentiment as we approach the weekend.
Analyzing the current charts, <a href="https://u.today/bitcoin-network-hits-historic-1-million-milestone-how-will-btc-price-react">Bitcoin</a> has demonstrated resilience, managing to sustain above the crucial support level of $40,000. The coin has recently experienced a rebound from this level, which has historically acted as a strong psychological barrier for both bulls and bears.&nbsp;
<img alt="Liquidation" data-entity-type="file" data-entity-uuid="10ac4fcd-20de-4230-912d-47bb91426f77" src="https://u.today/sites/default/files/inline-images/image_425.png">Source: <a href="https://www.coinglass.com/LiquidationData">Coinglass</a>
If BTC maintains its position above this support, the next key resistance to watch will be around $42,000, a level where we might expect some consolidation before a further push. On the downside, if the $40,000 level fails to hold, traders should look for potential support near the $38,500 region.
Ethereum, on the other hand, is also showing signs of recovery after a recent sell-off. The coin has found support near the $2,100 mark, just above the 200-day exponential moving average, which is often considered a significant indicator of long-term trends.
If <a href="https://u.today/ethereum-eth-becomes-target-of-massive-1-billion-sell-off-whos-responsible">ETH</a> can sustain this rebound, the immediate resistance is expected at $2,400. A breakthrough above this could open the path toward $2,500, a level that previously acted as both support and resistance. A fall below the current support level could see the price testing the next support zone around $2,000.
The liquidation heatmap provides additional context, illustrating the pressure on short sellers as the market moves against their positions. This liquidation is particularly evident in the case of Bitcoin and <a href="https://u.today/ethereums-vitalik-buterin-raises-concerns-over-privacy-in-modern-cars">Ethereum</a>, which have seen a significant number of short positions being closed in a short span of time. Overall, the market is currently displaying bullish signs, with strong support levels holding up.

Bitcoin and Ethereum Bulls Taking Control: $60 Million of Shorts Liquidated Ahead of Weekend

U_Today

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