As the price of Bitcoin marked the much-awaited highs, the market participants seemed to have become delighted. The buying pressure that elevated the levels beyond $100K appears to have turned into a selling pressure. Therefore, after a tough fight, the bears successfully dragged the levels below $98,000. The buying volume does not appear to have substantiated the selling pressure and as a result, the BTC price may go lower and test the pivotal support shortly.
The BTC price was expected to undergo a retracement after rising above the much-awaited milestone of $100K. As almost all the BTCs were in profits, the probability of a spot price reversal was much less. Meanwhile, the data from Coinglass shows that the traders had leveraged huge long positions across $100K to $103K, which have been liquidated. As a result, the price has faced a significant pullback.
More than $400 million in longs were liquidated, which is said to be one of the largest liquidations in the past few months. With this, the leverage seems to have whipped out to a large extent, paving the way for a healthy upswing. Currently, the price remains above the crucial demand zone, just below $97,000 and as long as the token remains within the range, the possibility of marching towards upper resistance remains high. Mainly because a massive amount of BTCs were bought around this range.
As per the data shared by an analyst, ALI, more than 1.42 million BTCs were bought by 1.45 million addresses around the range of $95,043 and $97,899. Hence, these can be considered as one of the strongest support levels at present and as long as bulls defend them, the probability of a rebound continues to hover over the BTC price rally.
Therefore, the Bitcoin (BTC) price continues to remain within a bullish range regardless of the bears offering strong upward pressure, trying to send the levels lower.
