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Two Crucial Bitcoin (BTC) Levels: $100 Million Concentration
The stakes are extremely high for the price of Bitcoin (BTC), as it teeters on a tightrope. The cryptocurrency has been consolidating within a range between $118,000-$120,000, and this moment marks bulls’ third – and potentially last – chance to regain control before sentiment turns bearish after two unsuccessful attempts to maintain a hold above this crucial level.
The recent sharp breakout from a descending triangle pattern has led to the price remaining in the vicinity of the $118,000-$120,000 zone. The momentum shift towards bullishness, fueled by high volume and consecutive higher lows, does not fully capture the situation.
However, it’s essential to pay attention to Bitcoin’s heatmap, which reveals areas of pain. The concentration of long positions above $122,000 could either lead to a new leg higher or trigger brutal rejections.
Source: u.today
