The post Bitcoin Faces $56 Million Liquidation Challenge; Will BTC Price Hit The $49K Mark appeared first on Coinpedia Fintech News
Cheeky Crypto recently reported a surge in Bitcoin liquidations, totaling $56 million, with 62.85% attributed to short positions. The market witnessed significant volatility, experiencing a downward move followed by an upward swing, presenting opportunities for traders.
The report highlights the recent market dynamics, stressing a potential correction in Bitcoin’s price. The analysis points to a target range of $42,319 to $42,196, with a focus on the recent wave movements. Cheeky Crypto identified a crucial support area between $41,250 and $41,946, anticipating a bounce upwards before a potential continuation of the downside move. The analysis considers the importance of reaching specific support levels, such as the 50 EMA at $41,100.
The analyst’s assessment incorporates Elliott Wave Theory, indicating the completion of a fifth wave and the beginning
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