Can Bitcoin push through this key area to punish leveraged BTC shorts?
In the meantime, however, some are focused on another line in the sand much closer to current spot price.
For Swift, the area around $25,000 is now especially significant. This, he noted in a tweet on Jan. 24, is where bears begin to get liquidated en masse. It is also the site of Bitcoin’s 200-week moving average , a key trend line which has been absent from the chart since the middle of 2022, when it failed to act as support. Bitcoin has since spent a“There is a lot of liquidity from $24,700 - $25,900 which lines up with the 200WMA and the area just above it,” Swift commented.shows that leveraged short positions will start seeing liquidations once BTC/USD passes $23,400 — so far, this is exactly where the rally has encountered momentum problems.
“BTC needs to reclaim this ~$23400 as support to move higher, otherwise there is a risk of a new Lower High forming relative to the Summer 2022 highs.” Such a scenario would mean BTC/USD fails to crack its local highs from August, these in themselves marking brief respite in the 77% drawdown from the all-time highs seen in November 2021.Continuing, Rekt Capital drew attention to the fact that the summer highs also present a resistance zone on longer timeframes.
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