$BTC A significant short position of $2.05 million was recently liquidated on Bybit at a price of $99,270. This event indicates that the market moved against short sellers, leading to forced closures of their positions.
Current Market Overview:
As of now, Bitcoin (BTC) is trading around $85,808. The cryptocurrency market has experienced notable volatility recently, with Bitcoin's price fluctuating between $84,416 and $86,456 within the day.
Technical Analysis:
Recent analyses have identified key support and resistance levels:
Support Levels: $80,400 and $74,000.
Resistance Levels: $98,500 and $106,000.
These levels are crucial for traders to monitor, as they can influence buying or selling decisions.
Trading Strategy:
Based on the current market conditions and technical indicators, here are potential trading levels:
Buy Zone: Consider entering a position between $99,329.89 and $99,264.08.
Target (Take Profit): Aim for a price of $101,351.00.
Stop Loss: Set a stop loss at $97948.01 to manage potential downside risks.