Bitcoin and Ethereum Bulls Take Control: $60 Million in Shorts Liquidated Before the Weekend
U.Today – The cryptocurrency market is witnessing strong bullish momentum and the bulls are starting to take control. In a significant development, around $60 million worth of shorts were liquidated, signaling a potential shift in market sentiment as the weekend approaches.
Analyzing the current charts, Bitcoin has shown resilience, managing to hold above the crucial $40,000 support level. The coin has recently experienced a rebound from this level, which has historically acted as a strong psychological barrier for both bulls and bears.
Source: Coinglass If BTC were to maintain its position above this support, the next key resistance to watch will be around $42,000, a level from which we could expect some consolidation before a further push. On the downside, if the $40,000 level fails to hold, traders should look for potential support near the $38,500 region.
Ethereum, on the other hand, is also showing signs of recovery after the recent sell-off. The coin found support near the $2,100 mark, just above the 200-day exponential moving average, which is often considered a significant indicator of long-term trends.
If ETH manages to sustain this rebound, immediate resistance is expected to reach $2,400. A move above this level could open the way towards $2,500, a level that previously served as both support and resistance. A fall below the current support level could see the price test the next support zone around $2,000.
The liquidation heat map provides additional context, illustrating the pressure on short sellers as the market moves against their positions. This liquidation is particularly evident in the case of Bitcoin and Ethereum, which have seen a significant number of short positions closed in a short space of time. Overall, the market is currently showing bullish signals, with strong support levels holding.
This article was originally published on U.Today