Bitcoin and Ethereum Bulls Take Control: $60 Million in Shorts Liquidated Ahead of the Weekend
U.Today – The cryptocurrency market is witnessing strong bullish momentum as bulls begin to exert control. In a significant development, approximately $60 million worth of short positions were liquidated, indicating a possible shift in market sentiment as we head into the weekend.
Analyzing the current charts, Bitcoin has demonstrated resilience, managing to hold above the crucial $40,000 support level. The coin has recently seen a bounce from this level, which has historically acted as a strong psychological barrier for both bulls and bears.
Source: CoinglassIf BTC maintains its position above this support, the next key resistance to watch will be around $42,000, a level where we could expect some consolidation before further momentum. On the downside, if the $40,000 level does not hold, traders should look for potential support near the $38,500 region.
Ethereum, on the other hand, is also showing signs of recovery after a recent sell-off. The coin has found support near the $2,100 mark, just above the 200-day exponential moving average, which is often considered a significant indicator of long-term trends.
If ETH can sustain this bounce, immediate resistance is expected to be $2,400. A break above this could open the way towards $2,500, a level that previously acted as support and resistance. A fall below the current support level could see the price test the next support zone around $2,000.
The liquidation heat map provides additional context, illustrating the pressure on short sellers as the market moves against their positions. This liquidation is particularly evident in the case of Bitcoin and Ethereum, which have seen a significant number of short positions closed in a short period of time. Overall, the market is currently showing bullish signs, with strong support levels holding.
This article was originally published on U.Today.
