Bitcoin (BTC) price rebounded after the decline stemming from successive liquidations in the weekend futures market.
Investors point to three critical levels to watch in the short term: $ 51,200 where there is a large support, $ 60,300, which is a significant resistance, and $ 57,000, which sellers may be interested in in the short term.
It is critical to exceed 57 thousand dollars
The market structure itself is largely not of concern, according to anonymous investor TraderKoz, although the bitcoin price has dropped to as low as $ 50,000.
Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)
Bitcoin, which dropped to $ 50,000, quickly recovered to $ 53,000 and rose to $ 56,000 and held this level.
It is important for the bitcoin price to rise to $ 57,000 in the short term and hold on to this level. If BTC manages to consolidate at these levels, it will be confirmed that the weekend crash was purely technical and stemmed from the futures market.
Popular anonymous investor Rekt Capital emphasized that there is macro support at $ 51,200. Bitcoin price experienced a rapid recovery after declining to the $ 50K zone.
Therefore, Bitcoin clings to the $ 51,200 support in the short term and if it does not fall, it will form a higher bottom price formation.
A higher bottom formation occurs when Bitcoin’s latest bottom price is higher than the previous low.
In addition, Santiment analysts stated that BTC was recovering rapidly after Bitcoin’s funding rate turned negative on BitMEX.
This means that there is a significant demand for organic buyers in the derivatives market as selling pressure is increasing. This buyer demand will support the short-term trend change as long as BTC holds above $ 57k.
Will the rally continue?
At the time the bitcoin price fell, large deposits were made on the stock markets, which increased the selling pressure.
Crypto derivatives investor Bitcoin Jack stated that the number of addresses withdrawing Bitcoin from exchanges still exceeded the number of depositors. drew attention.
As long as the number of addresses withdrawing from exchanges is compatible with the number of deposits, Bitcoin’s technical momentum will not lose power in the short term.