The recent price movement of Bitcoin has sparked discussions among traders and analysts. The false breakout above the short-term price range led to liquidations of many long positions.
False Breakout of Bitcoin
Bitcoin executed a false breakout that initially signaled a strong uptrend. However, the subsequent sharp reversal resulted in liquidations of long positions, currently trading at $103,522, a 2.41% drop over the past 24 hours.
Current Price Dynamics
Currently, Bitcoin's price fluctuates between $103,000 and $104,000. As of press time, traders note that 'Bitcoin swept the local range', with many remaining cautious due to market instability.
Traders' Forecasts and Recommendations
Some analysts emphasize that Bitcoin must reclaim the local range to demonstrate strength following recent price volatility. A drop below $102,400 could induce bearish momentum, and traders should closely monitor buying volume, whale activity, and open interest.
The situation in the Bitcoin market remains complex, and traders are advised to exercise caution while closely monitoring changes in trading activity and price dynamics.
