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**Two Crucial Bitcoin (BTC) Levels: $100 Million Concentration**
The stakes are extremely high for Bitcoin’s price movement as it teeters on the edge of a crucial resistance zone. A sharp breakout from a descending triangle pattern has led to consolidation around the $118,000-$120,000 range. Despite this recent surge, traders must be cautious due to the overwhelming presence of long positions in key zones.
According to CoinGlass’ liquidation heatmap, two critical price levels have been identified: one just below $117,000 and another at approximately $122,000. These zones are stacked with over $100 million in open interest, posing a significant risk for the market if Bitcoin falls short of breaking above these resistances.
In the event that the cryptocurrency does not maintain its momentum and drops below this support zone, a cascading effect of liquidations could occur, causing downward pressure and potentially pushing the price to the $110,000-$108,000 area. On the other hand, a successful breakout through the resistance cluster at $122,000 would significantly alter market structure.
If Bitcoin manages to hold its position above $117,000, bulls will have another opportunity to regain control before sentiment turns south following two previous failed attempts. Traders are advised to carefully monitor price action and watch for further signs of momentum before deciding on their next course of action.
As the market teeters precariously, it’s more critical than ever that traders stay vigilant and prepared for any potential outcomes.
Source: u.today
