Bitcoin has executed a liquidity sweep above its short-term price range following the recent fake breakout, sparking mixed reactions about its next move.
Bitcoin has faked a breakout that signals a strong uptrend momentum before reversing sharply, leaving many long positions liquidated. As of press time, BTC is trading at $103,522, a 2.41% price drop over the past 24 hours. The trading volume has increased by 29.44%, according to CoinMarketCap, showing heightened market activity in the same period.
BTC’s fake breakout on the chart
A look into Bitcoin’s 1-hour chart shows a price consolidation in a clearly defined range between $105.541 and $102,477. The king of crypto has faked a breakout above this range, sending a bullish market signal. The breakout was reinforced by high buying pressure as traders entered long positions anticipating a potential rally. However, BTC has reversed sharply, liquidating the range high positions and later the range low positions.
As of press time, BTC’s price is fluctuating in the $103,000 to $104,000 range. According to crypto analyst DaanCrypto on X (formerly Twitter):
$BTC Swept the local range and also the wick that was made last week. Took out a lot of longs in doing so. Currently trading back within the local range, but as it’s weekend, I’m not expecting much for now. Good to keep an eye on these levels going forward.
As Bitcoin trades below $104,000, the coin needs to reclaim this level and stay in the upper local range to show its strength post-recent price volatility that has shaken the market. Failure to reclaim this zone could induce bearish momentum, and a drop below $102,400 could be on the cards.
Additionally, increased bearish pressure could dip BTC further, seeking support in the $100,500 level. Traders are monitoring buying volume, whale activity, and open interest for deeper insights on BTC’s next moves.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
