The price of Bitcoin has risen 3% after continuous blow since the end of January. The highest Cryptocurrency rebounded more than $ 80,000 after falling below the range on March 11.
Bitcoin weekly chart. Source: COINTELEGRAPH/TradingView
On March 12, the US core consumer price index (CPI) is 3.1%lower than expected, and the market structure of Bitcoin is now rapidly optimistic.
Bitcoin liquidity cluster $ 84K-$ 85K
After the price of Bitcoin (BTC) on March 9, it rebounded to actively build a short position in this range by testing the overhead resistance area between $ 84,000 and $ 85,000.
According to the liquidation heat map data, more than $ 300 million in a short location has been piled up in this price area, and it will be cleared if the price is moved to more than $ 85,000.
Bitcoin 1 week liquidation heat map. Source: COINGLASS
Due to the decline of less than $ 77,000, the probability of BTC moving to upward liquidity has increased. Moreover, if the liquidation of more than $ 85,000 is caused by the strength of the stronger, it can form a higher Bitcoin and change this level to new support.
The gap between the CME Bitcoin futures last weekend remained without being filled between $ 85,000 and $ 86,000. The 100% record is full of six intervals over the past four months, which is more likely to support overhead resistance to $ 85,000.
Bitcoin 4 hours chart. Source: COINTELEGRAPH/TradingView
If this happens, the next major resistance is $ 90,000, which can be cleared a short position of more than $ 1.6 billion in $ 1.6 billion in the above level of $ 95,000.
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Bitcoin analyst MARK CULLEN emphasized a similar view of Bitcoin, but the price continued to “corrective” and warned that it suggested more movements before the short weave.
On the contrary, Valeria, an encryption analyst and a trader who supports funds, said BTC is showing signs of deployment in the short term, the $ 85,000 range. Traders emphasized that the BTC price could be a low thread of less than $ 80,000 before an optimistic breakout.
Coinbase, Binance radiates Orderbook Trends
Binance’s SPOT Traders has been actively sold for the last few days, according to AGGR.TRADE’s data, and has sold $ 76,650 at the lowest period of time.
On the contrary, Coinbase Spot buyers have a bid here and have a BTC rebound of $ 80,000 or more.
Binance, Coinbase Orderbook. Source: Aggrade
On March 12, Coinbase Traders defended $ 81,000 at $ 81,000 during the initial US trading session, and similar inconsistencies were observed on March 12 and avoided more.
Related: Encryption Trading Volume Slump, Signal Market Fatigue: Analysis
Coinbase has led the BTC rally in the past, but the opposite position between the two major exchanges can slow down the amount of BTC’s exercise that can move quickly through the resistance level.
Therefore, in order for Bitcoin to recover the highest at $ 85,000, $ 90,000 and $ 95,000 over the next few weeks, it may be more collectively needed between the two major exchanges.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.