Bears are in trouble if BTC reaches this Level...
If BTC is to reach 65k then $75 million of short leveraged positions will be liquidated.
$65,000 is the golden number for Bitcoin bears. Over $75 million worth of short-leveraged positions are vulnerable and set to be liquidated if BTC reaches that level. We saw Bitcoin attempt a rally toward $65k, but it failed, as bears pushed the price back down to just above $63.1k, flipping the threat to the bulls.
Bears still have a couple of defensive levels before a wipeout occurs and BTC potentially runs up to $66.8k. In the meantime, leveraged long positions are at more imminent risk, with over $30 million set to be liquidated if BTC falls to $62.7k. A fall to this level would likely see BTC retest the key support level of $60.1k.
Stormrake Spotlight: ETHEREUM ($2,570)
The entire market has pulled back after BTC failed to hold above $64k, leading ETH to follow suit with a 3% drop overnight. This pullback presents a potential buying opportunity at key support, allowing traders to allocate accordingly.
BTC/USD Key Levels and Price Action:
Once again, the Bitcoin bulls failed to prevail, with BTC briefly breaking above $63.8k but failing to hold the level. Despite reaching a peak of $64.8k, bears successfully pushed prices back down, defending the previous lower high on the daily chart, key liquidation levels, and flipping both the 21- and 55-day EMAs back to a bearish stance. With BTC showing signs of weakness under this key level and the bearish cross of the EMAs, a retest of $60.1k seems more likely than a breakout to $66.8k.
BTC Total ETF Flows for 25 Sep: $ - 45.3 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
After seven bullish days out of the last eight, Ethereum is showing its first sign of weakness. The pullback to $2,556 was triggered by bearish divergence, though this level should provide support, as both 200-day moving averages align with it. While there is a small concern with the bearish cross of the 21- and 55-day EMAs, the confluence of support at this level still provides hope for the bulls.
ETH Total ETF Flows for 25 Sep: $ + 27.4 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
Written by Alexandar Artis
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