LONDON (IT BOLTWISE) – The Bitcoin market is facing a crucial phase as the price structure narrows between $106,000 and $108,000. These areas are surrounded by over $150 million worth of liquidations, indicating significant price movement is about to occur.
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The Bitcoin market is currently showing notable tension as the price structure focuses on two critical zones: $106,000 and $108,000. These areas are surrounded by over $150 million worth of liquidations, indicating significant price movement is about to occur. Current market dynamics are influenced by algorithms and traders reacting to the imbalances in the market.
At the time of this report, Bitcoin is trading at around $106,700, just below the 200-day EMA, a historically important support line. This line has often marked the transition between bull and bear markets in the past. The recent drop from $120,000 triggered a chain reaction of forced selling that led to a collapse in open interest and the liquidation of long positions on major exchanges.
The liquidations, concentrated between $106,000 and $108,000, are acting as price magnets, according to CoinGlass heatmap. Despite an RSI reading of 36 indicating oversold levels, trading volumes remain high, indicating continued fear-driven activity. The dense liquidity accumulation at $106,000 forms the lower boundary of this short-term conflict, while $108,000 is the last bullish bastion.
A close above $108,000 that clears the 200-EMA could trigger a recovery rally towards $112,000-$114,000. However, this would require strong buying pressure in the spot market, which is currently absent. However, if the market falls below $108,000, it could trigger a cascade towards $103,000-$104,000.
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