Bitcoin experienced a significant liquidity movement after approaching the 80 thousand dollar level again during the day. The price witnessed strong fluctuations as large buy and sell orders placed by large investors in the market came into play. Analysts who follow the charts closely stated that Bitcoin exceeding $ 80 thousand after the last rise may increase the possibility of moving to the CME gap region, which is the next big target of $ 84 thousand.
Critical liquidity mobility
On the 15-minute BTC chart, it was noted that Bitcoin rose rapidly from $ 78,400 to $ 80,184 in a short time. In this process, high volume purchase orders, especially in the 80 thousand dollar band, determined the price movement. Analysis revealed that $35.6 million worth of spot limit orders were deleted in this area; In other words, large orders pending at this level were realized due to the effect of the price movement.
On the chart, important order clusters attracted attention at upper resistance levels such as 81 thousand, 82 thousand and 84 thousand dollars, as well as 85 thousand, 86,500 and 90 thousand dollars. Movements of large investors at these levels may be effective in breaking the price upwards or downwards.
In terms of short-term positions, it was stated that all short positions in the last seven days were liquid during the last upward wave. This situation created the impression that the transactions were “running out of fuel” for a new rapid rise after the upward movement.
If Bitcoin cannot hold on to $80,000 in the short term, it seems possible that the price may first retreat to the $79,200-79,600 band and further down to $78,400.
However, if persistence above $80,000 is achieved, $81,000 and $82,000 stand out as the next levels to watch. The direction of the price will be shaped by the movements in these regions over the next few hours and days.
Latest situation in support and resistance
According to the latest data shared on the daily chart, Bitcoin price was finding buyers around $ 78,441. Although the previous rises were above 79 thousand dollars, the stay at these levels was short-lived.
The region between 75 thousand and 76 thousand dollars stands out as the main support area. This level has played an important role in the recovery movement after the declines in March and April.
In upward movements, $80,600 is pointed out as the next main resistance. If Bitcoin closes above this level, it is possible for the price to head towards the resistance zone between $84,000 and $85,000.
Further up, the $90,235 supply zone and additional resistance points around $97,899 stand out. Likewise, if critical supports are lost, the price may decline to $70,671 and $66,318-65,816 respectively.
Analysts think that Bitcoin regaining $80,000 will increase the likelihood of the $84,000 CME gap closing, but in the main scenario, fluctuation between support and resistance zones is expected to continue.
Bitcoin currently continues to fluctuate between resistances above and supports below. While movements above 80 thousand dollars indicate strong buying appetite, if the price settles below this level, further withdrawal may come to the fore in the short term.
