Bitcoin Demonstrates Resilience Amid Massive Liquidations

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Massive Liquidations: Nearly $600 million worth of Bitcoin positions were liquidated in a single day, yet the cryptocurrency's price only fell by 2.2%, showcasing the market's resilience and adaptability.
Mild Market Reaction: On the Bitstamp exchange, Bitcoin was priced around $76,651, resulting in a minimal daily loss of 0.98%, indicating a robust market structure despite liquidation figures surpassing those seen in February's correction.
Critical Support Analysis: Research firm MNFund emphasized the need for Bitcoin to hold above the critical support range of $77,000 to $78,000 to potentially reach $85,902, with support levels set between $70,000 and $72,000.
Indecisive Technical Signals: Bitcoin's technical outlook reveals market indecision, with the MACD indicator showing mixed signals and the RSI at 44.06 indicating weak upward momentum, leading to a wait-and-see market attitude.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	69663.908	72857.454	76092.228	79285.774	82520.548	85714.094	88948.868
Fibonacci	72857.454	75313.072	76830.156	79285.774	81741.392	83258.476	85714.094

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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