BTC Swings Back to Action

Crypto Compass 39

“Success is not final; failure is not fatal: It is the courage to continue that counts.” -Winston S. Churchill

• The price of BTC fell sharply and suddenly to start the week after going through price fluctuations during the weekend. BTC is under some downward selling pressure, with a lot of volume by 4.45%, from yesterday’s high of $30.3k. Currently, it is being traded at $29.18k.

• A pivot point for BTC’s short-term trend lies in the possibility of the bulls securing support above the $29k level. An attainable resistance lies around the $30k level. A decisive break above this level could pave the way for an uptrend toward $30,3k.

Figure 1:

• A significant selloff in the cryptocurrency market began about 4:30 a.m. EST today, with BTC dropping 3% to the $29k level. Data show a significant longs liquidation of $150 million in the last 24 hours, with long holdings accounting for $85.68 million.

• Open interest remains high so more moves in the short term should be expected. The direction remains unclear, as we saw both shorts and longs come back with the funding rate being positive again, although we most likely see a squeeze.