Bitcoin's price is drawing significant attention due to recent fluctuations. A short squeeze has been observed, resulting in the liquidation of several short positions.

Key Resistance

The immediate resistance for Bitcoin ranges from $64,100 to $64,500. A breakout above $64,500 could pave the way for further upward movement towards $67,000 to $68,000. To confirm a bullish trend reversal, a sustained breakout above $67,000 to $68,000 is necessary. Until this occurs, the larger time frames continue to exhibit bearish signals.

Short-Term vs. Long-Term Trends

While the larger time frames indicate a bearish trend, the short-term outlook has shown some bullish relief. The recent short squeeze has resulted in a slight upward movement, but traders should remain cautious as the market is still grappling with resistance.

Liquidation Heat Map Analysis

The Bitcoin liquidation heat map reveals that, despite recent short squeezes, liquidity is slightly favoring upward movements. This means that while there may be opportunities for short-term gains, the resistance levels could affect major price increases.

The analysis of liquidity shows that the existing resistance at $64,100 to $64,500 continues to impact the market. Breaking this level might signal potential new shifts in Bitcoin's price.