Bitcoin’s price is hanging around $108,000, pretty steady between $100,000 and $110,000. It’s a bit of a waiting game right now.
Key Price Levels to Watch
Crypto analyst Daan Crypto (on X) pointed out some crucial price levels based on liquidity. Data from Coinglass shows a big liquidation of leveraged Bitcoin positions around $108,000 on Friday. Now, the focus is on two key areas:
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$107,000 (Support): This level seems to be acting as a floor. If Bitcoin drops below this, we could see a much bigger sell-off, potentially pushing the price down to $100,000. A bounce off $107,000 is likely in the short term.
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$110,500 (Resistance): This is a potential ceiling. If Bitcoin breaks through $110,500, it could trigger a short squeeze, sending the price soaring past its all-time high of $111,970.
Basically, Bitcoin is stuck in a range between $107,000 and $110,500 for now. A breakout in either direction is expected soon.
High Leverage, High Risk
Data from CryptoQuant shows something interesting: Bitcoin exchange leverage is at a new yearly high of 0.27. This means traders are using a lot of borrowed money, betting big on price movements. This is a risky strategy.
Bitcoin’s Current Status
Bitcoin is currently trading around $108,232, up slightly for the day and significantly up for the week and month. It still holds a dominant market share.