Bitcoin Reclaims $59,000 Mark, What's Next for the Short-Term Trend?Bitcoin surged to near $59,500 early this morning, with Ethereum also returning to the $2,500 level. Where are the support and resistance levels for BTC in the short term?It's worth noting that the US market was closed yesterday for Labor Day, and significant volatility is expected when it reopens tonight
Bitcoin Reclaims $59,000 Mark, What's Next for the Short-Term Trend?
Bitcoin surged to near $59,500 early this morning, with Ethereum also returning to the $2,500 level. Where are the support and resistance levels for BTC in the short term?
After dipping to $57,116 in the early hours yesterday, Bitcoin began a volatile rebound. After 7 am this morning, its price rapidly climbed, briefly touching $59,500, returning to a trading zone dense with activity for nearly a month. As of press time, Bitcoin is trading at $59,379, up 3.44% in the past 24 hours.
It's worth noting that the US market was closed yesterday for Labor Day, and significant volatility is expected when it reopens tonight. It remains to be seen whether Bitcoin can successfully convert the existing resistance into support. However, if it falls further, a test of $54,500 cannot be ruled out.
Ethereum Stands Strong Above $2,500
Ethereum's performance has been slightly stronger compared to Bitcoin. Early this morning, Ethereum reached a high of $2,565. As of press time, it's trading at $2,533, up 4.34% in the past 24 hours.
$77.75 Million in Liquidations Across Exchanges, Focus on $58,500 and $59,800
Amidst Bitcoin's narrow range movement, liquidation data has been relatively calm. According to Coinglass, around $77.75 million in cryptocurrency contracts were liquidated across exchanges in the past 24 hours, with over 32,000 users being liquidated.
Coinglass's liquidation map shows that Bitcoin has $320 million in liquidation intensity at $58,500 and another $320 million at $59,800. It's difficult to say where the main players will move at present.
It is important to note that after Bitcoin reached $57,000, the combined liquidation intensity of long positions on major centralized exchanges like Binance, OKX, and Bybit reached $1.4 billion. This suggests that investors on these exchanges are still leaning towards bullish sentiment.
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