Bitcoin experienced a slight drop in price from $63,800 to $62,573, a decrease of around 1.92%. However, the moving average 20 provided some support, allowing the price to rise back up to reach the previous all-time high. The high liquidity zone acted as a resistance zone, causing the price to be rejected back down to $62,680.
As mentioned in a previous article, the liquidity zones around $63,500 and $62,500 have high liquidity, making it likely for Bitcoin to experience fluctuations in either direction. This was evident in the recent price movements, with Bitcoin initially reaching $63,800 before facing a rejection and dropping 1.92%. After finding support at the moving average 20, the price once again attempted to break $64,000 but was met with resistance, leading to a 2.18% decrease.
Currently, Bitcoin is trading at $62,797, with the MACD showing a negative momentum and bearish volume surpassing bullish volume. The MACD line has crossed below the Signal line, indicating a loss in bullish sentiment, while the RSI has fallen to 47.66, down from 73.2 yesterday.
In the last 24 hours, a total of $159.24 million in trades have been liquidated, with $23.01 million in long trades liquidated in the past 4 hours alone. This suggests that the market is not yet ready for a significant price increase.
The Bitcoin long-short ratio currently stands at 0.83, indicating that more traders have opened short positions compared to long positions. Around 63,840 positions were liquidated in the last 24 hours due to price fluctuations.
Looking ahead, the nearest liquidity is around $62,000, raising the possibility of a retracement to that level. With ten days remaining in September, a historically bearish month for the crypto market, investors are cautious. However, these price movements present opportunities for those who can accurately anticipate and react to market changes.