NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

Bitcoin crosses $67,000 – Selling pressure disappears

558322
Bitcoin's bull run will continue for another year

Contents

Share link:

In this post:

  • Bitcoin shot past $67,000 but faced some resistance, settling just below that mark.
  • Trading volume is up, but there’s mixed sentiment in the market with some traders taking profits.
  • Liquidations have been high, especially on long positions, indicating an extremely sensitive market.

Bitcoin recently broke the $67,000 mark, hitting a high of $67,264 before sliding back to $66,915. This surge shows a major resistance level at $67,000, but the drop in selling pressure hints at a bullish trend.

Let’s dig in.

The Ichimoku Cloud shows Bitcoin trading within its boundaries, meaning the market has consolidated. There is the potential for either an upward or downward breakout.

Bitcoin crosses $67,000 - Selling pressure disappears

The conversion line is above the baseline, suggesting bullish momentum. Yet, the cloud ahead mixes signals. It shows immediate support at its lower boundary of $66,704 and resistance at the upper boundary of $67,005

The 50-period moving average is at $66,704.69, while the 200-period MA is at $65,615. The price staying above these MAs also indicates a bullish market. The OBV indicator stands at 8.726K. 

This decline means buying pressure has stabilized a little, and it happens when there is profit-taking or a brief pause in a bull run. To confirm continued upward movement, a rise in OBV would be necessary.

Bitcoin crosses $67,000 - Selling pressure disappears

The MACD though tells a different story, with its line at 35.76, while the signal line is at 42.19. The histogram is negative, showing a value of -6.44. This is a bearish crossover, so the bears are still around and could get powerful.

Bitcoin’s recent try to cross $67,000 faced selling pressure, showing strong resistance. The price above key moving averages and within the Ichimoku Cloud points to potential consolidation before a decisive move.

See also  Bitcoin February flip! Retail dumps, whales prepare for the next leg up

Support levels are clear at $66,704 (50 MA and cloud lower boundary) and stronger support at $65,615 (200 MA). Immediate resistance stands at $67,005 (cloud upper boundary) and a major resistance around $67,000.

The trading volume for Bitcoin derivatives has spiked by 10.35%, reaching $48.6 billion. This increase shows heightened trading activity and interest in Bitcoin derivatives. 

Bitcoin crosses $67,000 - Selling pressure disappears

However, open interest has decreased slightly by 0.92%, standing at $36.49 billion. This means that new positions are being opened, but existing positions are being closed at a higher rate.

The long/short ratios provide a snapshot of market sentiment. The overall long/short ratio for the last 24 hours is 0.9467, showing a slight tilt towards short positions. 

Liquidations have been massive. In the past hour, total liquidations were $8.16 million, with $6.18 million in long positions and $1.99 million in short positions.

Over the last four hours, total liquidations are $25.29 million, with $21.05 million in long positions and $4.24 million in short positions. 

Bitcoin crosses $67,000 - Selling pressure disappears

In the past 12 hours, liquidations stand at $28.51 million, with $22.06 million in long positions and $6.45 million in short positions.

The total liquidations in the past 24 hours are $34.33 million, with $26.65 million in long positions and $7.68 million in short positions.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here

See also  US Bank reports $24 million holdings in Bitcoin ETFs in latest SEC filing

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan