U.Today – The price has raised some questions about the future of digital gold with a rise around the $69,000 level, but perhaps some answers can be found in the Bitcoin sell-off heatmap, with critical levels at $68,300 and $69,800, highlighting its importance. for short-term price movements.
From this heat map, clearly, liquidity is building up around the prices of $68,300 and $69,800. These correspond to areas where strong buying and selling pressure is concentrated, making them fundamental for Bitcoin's next movements. Of course, at the current price levels of $69,000, these could easily act as really strong support and resistance zones that will drive Bitcoin's path in the coming days.
Technically, this is a channel that Bitcoin has traded in, with the 50-day moving average used as good support around the $65,000 area. An RSI above 50 indicates that the bulls have a small advantage, but the market is showing no signs of being overbought. A balanced RSI indicates that Bitcoin has room to move in either direction.
This is a very important level because the $68,000 area is great support. If the price action falls right in that price zone, that could create buying pressure that supports the price from there. There is a lot of solid liquidity at that level, so it would indicate that many traders have their buy orders set waiting for a bounce from that area.
There is a major resistance zone around $69,800. Overcoming it would mean the beginning of an intensive buying flow and could therefore take Bitcoin to new highs. The liquidity buildup at $69,800 indicates that most of the selling volume is there, and this is what Bitcoin has to analyze to continue rising.
However, the overall market sentiment around Bitcoin remains positive, considering the rise in institutional interest and growing adoption. In any case, the short-term view will depend entirely on how Bitcoin performs against these crucial levels. A bounce off the $68,000 support or a break above $69,800 would set the stage for the next significant move.
This article was originally published on U.Today.
