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6.23 Monday Market Overview: Short on Highs

The Bitcoin opened this morning with a pin bar doji bearish line, with two consecutive bearish weekly candles.

Iran's blockade of the Strait of Hormuz, one of the essential shipping routes for European and American oil, may lead to rising oil prices, while everyone's cryptocurrency assets are shrinking.

Bitcoin also mentioned yesterday that the next support is around 9.8; it dipped to 9.81 at midnight today before forming a rebound. The left side high short position is set at 10.22, with support and resistance swapped, defending at 10.3, targeting 10.06 and 9.96; the left side low long position remains at 9.88, defending the new low of 9.81, targeting 10.03 and 10.22.

As of now, the total liquidation in the last 24 hours across the network is $636 million, with long positions reaching $503 million and short positions at $132 million. Looking at the liquidation map, Bitcoin might rise to around 10.25 to liquidate the concentrated short positions here, with 10.16-10.25 being the short position's key area.

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