Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-reaches-resistance-level-and-faces-pullback/" data-wpel-link="internal">Bitcoin Reaches Resistance Level and Faces Pullback</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong> (BTC) reached the resistance level of $72,000 within its 3-month price range but quickly pulled back to $67,000. This price movement brought uncertainties in the derivatives market. Today, there is a shift towards short sellers in Bitcoin, which could indicate an upcoming short squeeze.</p> 
<h2 style="text-align: justify" id="bitcoin-dollar-chart">Bitcoin Dollar Chart</h2> 
<p style="text-align: justify">Since the end of February, <strong>BTC</strong> has traded between $60,000 and $72,000. In the event of potential breakouts, the price could move to the all-time high of $73,805 or drop to $56,537.</p> 
<p style="text-align: justify">On May 21, 2024, Bitcoin nearly reached $72,000 again, but due to short sellers, the formation changed. As a result, BTC moved within the range and fell 6.4% to $67,315.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-355462" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-short-1-coin-turk-com.png" alt="" width="904" height="543"></p> 
<h2 style="text-align: justify" id="important-bitcoin-levels">Important Bitcoin Levels</h2> 
<p style="text-align: justify">However, as Bitcoin futures and leveraged trading accumulate liquidity upwards, these activities could target short sellers. These liquidity pools could also be targets for cautious <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Consequently, BTC might face a short-term short squeeze in the coming days.</p> 
<p style="text-align: justify">Additionally, <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from CoinGlass reflects important points about the current state of the derivatives market.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-355463" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-liqudation-map.png" alt="" width="919" height="473"></p> 
<p style="text-align: justify">Notably, over $1.2 billion in liquidation has accumulated at the $72,000 resistance level. Market makers and traders could target this area as a cash flow opportunity.</p> 
<p style="text-align: justify">This situation could lead to the liquidation of short positions, creating an artificial demand environment. This demand could push Bitcoin’s price above its all-time high, resulting in a short squeeze.</p> 
<p style="text-align: justify">However, it is important to remember that <strong>crypto</strong> investors evaluate their positions based on market changes. If traders close their short positions, the notable liquidation levels could disappear.</p> 
<h2 style="text-align: justify" id="how-much-is-one-bitcoin">How Much is One Bitcoin?</h2> 
<p style="text-align: justify">Renowned <a href="https://en.coin-turk.com/investors-prefer-to-stay-on-the-sidelines/" data-wpel-link="internal">crypto analyst</a> Ali Martinez examined the potential for a short squeeze. He highlighted the rise in whale activities. According to Martinez, these whales purchased 20,000 BTC worth $1.34 billion, and the price fell to $67,000 during this period.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-355464" src="https://coin-turk.com/wp-content/uploads/2024/05/ali-charts-btc.png" alt="" width="598" height="491"></p> 
<p style="text-align: justify">As of the time of writing, BTC continues to trade at $68,900 after a 2.42% rise in the last 24 hours.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-reaches-resistance-level-and-faces-pullback/" data-wpel-link="internal">Bitcoin Reaches Resistance Level and Faces Pullback</a></h5>

Bitcoin Reaches Resistance Level and Faces Pullback

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