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Cryptocurrency News Articles
Bitcoin (BTC) Price Outlook: Bulls Lead the Charge, Another Attempt at a New All-Time High in Play
Oct 06, 2024 at 10:52 pm
Over the past 24 hours, Bitcoin (BTC) has seen a large disparity in liquidations between long and short positions in the perpetual futures market.
output: Bitcoin (BTC) price remained largely stagnant on March 23 as a brief rally to over $62,000 encountered resistance, leading to a cascade of long liquidations on derivatives exchanges.
CoinGlass data over the past 24 hours shows a total of over $4.82 million in liquidations in the perpetual futures market for BTC, with 78% — or $3.76 million — coming from long positions.
This appears to be a result of bullish investors attempting to capitalize on a potential price breakout, with Bitcoin showing promising price action on March 22.
The cryptocurrency briefly surpassed $62,000 per BTC, sparking optimism about a possible march to a new all-time high. However, the market quickly shifted direction, with an immediate breakout failing to materialize.
Instead, the cryptocurrency encountered a series of red candlesticks, which, while not leading to a significant price drop, did result in a notable cascade of long liquidations.
Bitcoin price largely stuck in place as bulls, bears clash over BTC
As bulls and bears engaged in a tug-of-war over Bitcoin, the price of the major cryptocurrency remained largely stagnant on March 23, hovering around the aforementioned $62,000 mark.
After finding a bottom at $60,700, BTC's performance left traders eyeing two main options for the near future: $53,000 and $66,000.
As it turned out, the bulls managed to lead the charge, pulling the price up by over 3%.
Might another attempt at a new all-time high be in the cards? Based on the recent price action, the answer appears to be in the affirmative.
However, there is still a long way to go, with the bulls first needing to secure a weekly close above the $60,700 support.
From there, they would need to push the price up to $66,000 per BTC and, finally, hold it for another week.
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