The largest concentration of long liquidations is in the $64,100 area, with total long leverage reaching $3.55 billion. This means that about 84% of all open long liquidation leverage could be triggered at or above this price level.
The move towards $64,100, or the $64,000 zone, is also in line with the 0.618 Fibonacci retracement level. Therefore, this area is a crucial point both in terms of technicals and the derivatives market.In the current price structure, the nearest decisive level is at $68,700. Bitcoin is testing this area. If it fails to hold above it, the price could potentially move down to $66,400, which is adjacent to the lower trend line of the up channel.
If the channel is broken to the downside, then $64,100 becomes the next big target. A drop to that area could trigger the liquidation of most long positions, creating a chain effect that could potentially push BTC down to $60,900 and even $56,800, levels that would deepen the 40% correction that has already taken place.On the contrary, to ease the short-term bearish pressure, BTC needs to reclaim the $71,500 area. A new signal of bullish strength will be more obvious if the price is able to move above $76,100.
A daily close below $66,400 will break the ascending channel structure and open the risk of $3.55 billion long liquidation at $64,100. However, if BTC is able to break $71,500 again, the bearish scenario could be delayed and the chances of a rebound are maintained.$BTC
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