Bitcoin Price Prediction: What's Next?

Bitcoin’s price movements are attracting significant attention and it has recently experienced a short squeeze, with price fluctuations that have liquidated several short positions.

Bitcoin's price has seen interesting developments, encountering resistance at a crucial zone between $64,100 and $64,500. This resistance has been strong, leading to price rejections within this range.

According to analyst Josh of Crypto World, Bitcoin's price movements are attracting attention due to a short squeeze, with price fluctuations liquidating several short positions.

Bitcoin Price Prediction: Key Resistance and Support Levels

Immediate Resistance: Bitcoin faces immediate resistance at $64,100 to $64,500. A breakout above $64,500 could open the door for further upward movement towards $67,000 to $68,000.

Longer-Term Resistance: To confirm a bullish trend reversal, Bitcoin must achieve a sustained breakout above the $67,000 to $68,000 range. Until this occurs, the larger time frames continue to show bearish signals.

Short-Term vs. Long-Term Trends

Short-Term Trends: While the larger time frames show a bearish trend, the short-term outlook has shown some bullish relief. The recent short squeeze has caused a slight upward movement, but traders should be cautious as the market still faces resistance.

Long-Term Trends: The longer-term charts indicate that Bitcoin is still trending downward. Hence, traders must distinguish between short-term fluctuations and the overall bearish sentiment. Without significant upward momentum, the bearish trend remains intact.

Bitcoin Liquidation Heat Map Analysis

The Bitcoin liquidation heat map shows that despite recent short squeezes, liquidity is slightly favoring upward movements. This indicates that while there may be opportunities for short-term gains, the resistance levels could impact major price increases.

Above Current Price: Some liquidity remains at around $64,500 to $65,000, which could serve as potential fuel for upward movement.

Below Current Price: There is also liquidity near $59,800, suggesting that downward movements could find support at this level.

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