Market panic led to the liquidation of $300 million worth of positions and the erasure of $1 billion of open positions within 24 hours. This is a major blow for both long and short traders, as many are forced to sell at a loss
Market panic led to the liquidation of $300 million worth of positions and the erasure of $1 billion of open positions within 24 hours. This is a major blow for both long and short traders, as many are forced to sell at a loss.
Open interest can affect the price of Bitcoin as it reflects the level of market participation and sentiment. When open positions are high, it indicates greater interest and activity in the market, potentially leading to price movements.
However, the market has recovered and the value of Bitcoin has risen again. The fund interest rate has returned to around 0.003, indicating that traders are no longer overly leveraged, and open positions in contracts are also
Bitcoin prices have started a new rise above resistance of $29000. If the resistance level of $30000 is significantly exceeded, BTC may rebound.
Bitcoin prices expand and increase
Bitcoin prices remain strong above the $28000 support area. BTC bulls are very active and can push prices above the resistance zone of $28500.
Steadily rising above resistance levels of $28800 and $29000. A resistance zone with prices approaching $30000. A high point has been formed near $29882, and the price is now consolidating gains. The transaction price of Bitcoin is higher than $28800 and the 100 hour simple moving average.
On the 4-hour chart of the BTC/US dollar pair, there is also a main contraction triangle formed near $29250. The triangular support level is close to the 23.6% Fib retracement level, which moved upwards from the low point of $27258 to the high point of $29882.
Direct resistance is around the $29800 level and the triangular trend line. The next major resistance is around $30000. A resistance of nearly $30000 may push Bitcoin towards $30500. Any further increase could open the door to testing the key $32000 level.
BTC risk stage
If the price of Bitcoin cannot break through the resistance of $29800, it may start a new decline again. The direct support for the downward trend is around $29250 and the triangular area.
The downward breakthrough below the triangle may push the price upwards from the fluctuating low of $27258 to the 50% Fib retracement level of the high of $29882. The next main support level is around the $28250 area or the 100 hour simple moving average. Any further losses could bring Bitcoin closer to $27800 in the short term.
Technical indicators:
Hourly MACD - MACD is now accelerating in bullish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is now higher than 50.
The main support level is $29250, followed by $28550.
Main resistance levels - $29800, $30000, and $30500.
Bitcoin has successfully recovered its $29000 level, and it remains to be seen whether it can continue to recover and consolidate its key psychological level of $30000, support the continuation of its bull market, or whether it will further plummet in the coming days or weeks.
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