Analysis predicts Bitcoin could break the $60K price level but stall at $61K as $244M worth of BTC shorts liquidations rest.
market is currently uncertain, struggling to maintain a clear upward trajectory after recovering from the downturn on the 5th of August, caused by Japan stocks crash.
So, BTC could break the $60K price level overnight, but stall at $61K. This was the downside as high-leverage long liquidations loomed around the $58K price mark.Additionally, $9.17 billion in Bitcoin shorts could be liquidated if BTC reaches $68K, which also threatens its ability to reach new highs.Bitcoin recently dropped below the 200-day Simple Moving Average but has double bottomed, a key indicator for long-term trends continuation.
Analysts note that large investors and traders are buying during the price dips, a pattern that often leads to price spikes.
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