Bitcoin ($BTC) is moving in a tight price range around $94,381. As per IT Tech, amid the current consolidation phase, Bitcoin needs a clear price breakout above $94,8K could lead to a sustained momentum. The overall outlook is still bullish however a wick is expected on the downside in liquidity hunt. The CryptoQuant analyst shared some key price levels in latest tweet.
Bitcoin Faces Strong Resistance at ,700
Based on the historical price data, Bitcoin ($BTC) has recently been rejected from the price level of $95,700. This spot is currently serving as a key resistance point. Subsequently, the top crypto asset has dipped to the $93,500 mark, leading to a bounce. Hence, this price movement indicates sell signals around $94,800. This adds to the current bearish pressure around the latest price range.
Short Liquidation Areas Emerge around ,800-,000 and ,600-,700
As the market data suggests, Bitcoin’s present consolidation is taking place in a “chop zone.” This area is marked by erratic price swings and indecisive candles between key resistance and support levels. In addition to this, the SuperTrend indicator, after its bullish flip, has again started showing weakening. Robust short liquidation areas, which often work as resistance zones, have developed between two ranges, including $94,800-$95,000 and $95,600-$95,700.
Keeping this in view, if Bitcoin fails to sustain the respective support cluster, it sees a noteworthy liquidity pool around $92,000. As a result of this, a likely dip could be expedited if triggered.
Market Sentiment Stays Neutral-to-Cautious
According to IT Tech, the overall sentiment around Bitcoin stays neutral-to-cautious. In the meantime, bulls are getting tested amid the requirement to push $BTC’s price above $95K to recover bullish structure. Nonetheless, any additional failure near the resistance level of $95K may draw the attention of short sellers. On the other hand, a price breakdown below the lower $93,400 mark would potentially result in a bearish shift in the provisional market structure.
In the meantime, the Bitcoin traders are advised to stay alert. Additionally, the market onlookers are keenly looking for key developments while cautioning against liquidity false liquidity grabs as well as other such moves.
