Bitcoin (BTC) Price Analysis: BTC Bulls Defend $66K Support as Derivatives Trading Volume Spikes

Bitcoin recently broke the $67,000 mark, hitting a high of $67,264 before sliding back to $66,915. This surge shows a major resistance level at $67,000, but the drop in selling pressure hints at a bullish trend.

Bitcoin price recently encountered selling pressure after reaching the $67,000 level, which shows significant resistance. However, a decrease in selling pressure indicates a bullish trend.

The Ichimoku Cloud shows that Bitcoin is trading within its limits, which tells us that the market is consolidating. There is potential for a breakout to the upside or downside.

The reversal line is above the base line indicating bullish momentum. However, the cloud confuses the signals ahead. The 50-period moving average is at $66,704.

Bitcoin price recently made an attempt to break the $67,000 barrier, but it encountered selling pressure, indicating significant resistance.

On the other hand, the price is above the 50 MA and the lower bound of the Ichimoku Cloud , indicating a potential consolidation followed by a decisive move.

Support levels are at the 50 MA ($66,704) and the 200 MA ($65,615). Resistance levels are the upper limit of the cloud ($67,005) and around $67,000.

The total transaction volume in the last 24 hours increased by 10.35% with $48.6 billion, indicating high interest in derivative markets.

However, open interest The rate fell marginally by 0.92% at $36.49 billion, indicating that new positions were opened but existing positions were closed at a higher rate.

Long/short rates offer a snapshot of market sentiment. The overall long/short ratio for the last 24 hours is 0.9467, indicating a slight bias towards short positions.

Total liquidations in the last hour were $8.16 million, with $6.18 million in long positions and $1.99 million in long positions. The total liquidations in the last four hours amounted to 25.29 million dollars, of which 21.05 million dollars were in long positions and 4.24 million dollars were in short positions.

Liquidations in the last 12 hours reached 28.51 million dollars and 22.06 million dollars were in long positions and 6.45 million dollars were in short positions.

Total liquidations in the last 24 hours were 34.33 million dollars, with 26.65 million dollars in long positions and 7.68 million dollars in short positions.

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