After an almost excellent start of July, Bitcoin has performed even more impressive in recent days. The Prime Minister Cryptocurrency, after a short period of Zijwaartse Momentum earlier this week, has reached a new all-time high rating for a price of almost $ 119,000. It is not surprising that the Bitcoin market experiences a wave of optimism-a inference that is still strongly supported by the latest revelation on the chain.
Bitcoin -Market sentiment shifts Bullish
In a post of 11 July on social media platform X, cryptocurrency analysis company Alphractal printed In the current price promotion of Bitcoin, which provides insights into the future process of the cryptocurrency.
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The observation of the company revolves around the aggregated liquidation levels HeatMap (7 days) Metriek, which visualizes price zones with high concentrations of long or short liquidations during a span of 7 days, and the aggregated liquidation levels of heat pap (1 month) that does the same one that does one monthly).
After the most recent Bitcoin prize rally to a new of all time, all of their market positions had wiped out. Helped by the short squeeze, which usually follows such large liquidation events, the flagship cryptocurrency still retains its strong bullish momentum and continues to rise.
According to Alphractal, the aggregation -Liquidation levels over different timetables now show that most current lifting tree positions bet on the Bitcoin price. As the market continues to climb the graphs, investor optimism will become more positive, which can further force more traders to open long positions in the BTC Futures market.
Alphractal, however, warned against the tendency to be recklessly involved in the current Bullish Markt. “If, for whatever reason, the price $ 10,000 falls back to the $ 107,000 zone, it could be the turn of the bulls to face massive liquidations,” said the analysis company.
The company continued and explained that a Bitcoin price fall in that size would have a negative influence on market optimism. On the other hand, Alfractal also said that such an event could offer new accumulation options in the near future.
Still on market optimism, a decrease in the value of Bitcoin can lead by $ 10,000 to a phenomenon called a long squeeze, whereby the price of Bitcoin continues to fall with an increased momentum.
A long squeeze usually occurs when the falling price of a cryptocurrency (in this case bitcoin) forces traders with long positions to sell their assets to reduce or even break losses. This contributes to the current Bearish Momentum and sends the BTC price further south.
In the midst of the current meeting of Bitcoin, Alfractal finally advised that traders are sensible and careful, because the next action of the market is in an unpredictable zone.
Bitcoin -price at a glance
Bitcoin still shows signs of healthy Bullish Momentum, from the moment of press, is rated at around $ 118,145. Data from Coingecko shows that the flagship Cryptocurrency has risen by more than 3.34% in the last 24 hours.
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Featured image of Istock, graph of TradingView