Bitcoin Faces Resistance Near $119K Amid Liquidations and Market Share Shifts, Analysts Suggest Cautious Outlook
Main Idea
Bitcoin's price dropped to $117,914 due to $47.5 million in liquidations near the $119,000 resistance level, but the overall bullish trend remains intact as bulls aim to reclaim key levels.
Key Points
1. Bitcoin’s price declined sharply to $117,914 due to liquidations in a high-leverage zone between $118,000 and $119,000.
2. The 24-hour liquidation heatmap shows dense clusters of long positions vulnerable to liquidation in the $118K-$119K range, with strong resistance between $120,000 and $120,600.
3. Market momentum is shifting from Bitcoin to Ethereum and altcoins, with Bitcoin’s dominance dropping by 4.98% over the past month and Ethereum’s market share increasing by 2.98%.
4. A decisive break above $119,500 is critical for Bitcoin’s next rally phase, potentially triggering a move toward $135,000.
5. Improving macroeconomic signals from the Federal Reserve could enhance risk appetite and support Bitcoin’s price in the near term.
Description
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