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As of now, Bitcoin remains above a crucial support level, maintaining a solid position on the price chart for larger time frames. The cryptocurrency is currently approaching major resistance in the short term while bouncing within a sideways price range. This movement brings it closer to major liquidity levels above, which could influence its next steps. Here’s a detailed analysis by analyst Josh of Crypto World.
Key Support and Resistance Levels
On the 2-day Bitcoin chart, Bitcoin is holding above an important resistance level, now acting as support, situated just above $65,000. This $65k mark is critical for maintaining a bullish outlook over the longer term. Moving to the daily chart, Bitcoin is trading in a significant range, marked by previous resistance, with a lot of trading volume noted between $66,700 and $68,300.
If Bitcoin closes daily candles below this range, it may drop to around $64,500, the next support area. However, if it breaks above $69,000 to $69,500 with confirmed candle closes, the next resistance could be near $72,000, potentially pushing towards its all-time high around $73,500.
Liquidity Analysis
Examining the Bitcoin liquidation heat map, liquidity is gathering above at levels just below $69,000, particularly in the range of $68,800 to $69,200. Major liquidity levels start at around $69,700, reaching up to $77,000. On the downside, liquidity is found between $64,700 and $64,200. This balanced liquidity on both sides contributes to the current neutral market sentiment.
Preparing for Future Moves
As we witness this period of consolidation, traders should be ready for a potential breakout. Historically, periods of sideways action often precede major price changes. Whether the next move is bullish or bearish, there are opportunities for profit through both long and short positions.