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Cryptocurrency News Articles
Bitcoin (BTC) Price Targets $70K as Liquidity Resting Above $65K Signals Bullish Trend
Sep 24, 2024 at 10:30 pm
Bitcoin has experienced a significant 11% price surge since Tuesday, following the Federal Reserve's announcement of a 50 bps interest rate cut.
Bitcoin price surged 11% since Tuesday after the Federal Reserve announced a 50 basis points interest rate cut. This fueled optimism among investors, pushing BTC past the $60,000 mark. Now, Bitcoin faces crucial supply levels, with key data revealing concentrated liquidity above $65,000.
As the market rallied, analysis showed that Bitcoin liquidity was thickest above the $65,000 level, with a dense zone around $70,000. This price point became a focal point for traders and investors, eager to confirm the beginning of a stronger uptrend.
Breaking through these supply levels would indicate further strength for BTC, signaling the potential for new all-time highs. The market’s upward momentum had investors waiting for a decisive close above these critical price levels to confirm the bullish trend.
If achieved, this could set the stage for a sustained rally, bringing Bitcoin closer to its next major targets.
Bitcoin Liquidity Resting Above $65,000
Bitcoin price faced a crucial supply level, but many traders expected BTC to challenge local highs of around $65,000 before facing resistance.
Crucial data from Coinglass revealed significant liquidity just above the $65,000 level, with a high concentration around $70,000. According to the Coinglass liquidation heatmap, billions of dollars of positions were at risk of liquidation at these price points, presenting an important opportunity for traders.
This heatmap calculates liquidation levels based on market data and varying amounts of leverage. These levels are then plotted on the price chart, allowing traders to visualize where potential liquidations may occur.
Understanding where these liquidation clusters are can provide a strategic advantage, similar to reading high liquidity areas in the order book. Traders who can anticipate where large liquidations might occur can position themselves to capitalize on the subsequent price volatility.
Coinglass’ heatmap data suggested that Bitcoin will likely target these supply levels to trigger liquidity. As a result, many traders expected BTC to continue pushing higher, with $70,000 emerging as a key target. Should Bitcoin reach this level, it could further fuel bullish sentiment and drive momentum toward new all-time highs.
BTC Price Levels To Watch
Bitcoin price trades at $63,641 after several days of consolidation, just below the daily 200 moving average (MA) of $63,898. This key indicator represents long-term strength, and BTC has struggled to break above it.
Despite this, Bitcoin hasn’t dropped to lower levels, signaling that a breakout may be coming soon. Many traders expected BTC to reclaim the 200 MA and the $65,000 mark in a matter of days, which could fuel further upside momentum.
Bulls are growing more optimistic, especially with the recent shift in market sentiment following the Federal Reserve’s announcement of interest rate cuts. This injected fresh energy into the market, making a potential Bitcoin rally more likely.
However, caution remains, as there’s still a chance that Bitcoin could test lower demand levels around $60,000 before pushing higher. If BTC fails to close above the daily 200 MA soon, this scenario becomes increasingly probable, with a dip to $60,000 offering another buying opportunity before the next leg upward.
Traders are closely watching for a decisive move in either direction to gauge the market’s next steps.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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