In the last 12 hours, Bitcoin has captured significant interest from traders. There are sudden price swings that have led to massive liquidations worth over $169 million.
A Big Zone of Resistance
Bitcoin is facing heavy resistance at the $64,000 zone. This resistance belongs to the 2021 bull run when Bitcoin reached its all-time high. Investors who bought Bitcoin at the peak are looking for exit opportunities here. Retail investors' reluctance to buy near heavy resistances also impacts confidence in this asset. Bitcoin has made several attempts to cross this resistance in recent days, but each has been met with failure. Today, Bitcoin is trading at $63,555, getting support from the moving average 20. The price drop over the last five hours shows buyers' exhaustion. The RSI has fallen from 69 to 52, and the MACD indicator points to increasing seller power. 
Liquidation Data
The last 24 hours saw $171.64 million worth of Bitcoin trades liquidated. In the past four hours, $9.42 million were liquidated for longs and $3.70 million for shorts. In total, 65,782 traders were liquidated by the market in the last day. The liquidation heatmap shows a lack of liquidity from the current price to $64,600. To push the price towards the $65,000 zone would require significant buying pressure.  
What to Expect?
There are chances that Bitcoin will make another attempt to break past the $64,000 price range, which will help the asset to climb to the next resistance as October starts. However, the current resistance is built during a bull run and has a strong base. It may require multiple attempts or more aggressive buying from investors. Additionally, Bitcoin may drop to $62,750 to retest and reinforce this support zone.
Bitcoin continues to be an unpredictable and volatile asset. Traders should closely monitor the market and be prepared for potential sharp movements in the coming days.
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