The cryptocurrency market is still in an active trading phase, and Bitcoin (BTC) is showing interesting trends. According to the analysis, a 10% BTC price gain could see $15 billion in short positions liquidated.
Key Levels and Expectations
Traders are looking to hold key levels and recover by the end of the week. Bitcoin is working to complete a successful retest of support. BTC price volatility is expected to increase due to conditions that favor a short squeeze.
Current Situation
Bitcoin held $105,500 at the close of the week on June 8. However, the risk of Bitcoin liquidation increases at $105,000. The BTC/USD pair has strengthened its rebound after falling to $100,500 on June 5.
Technical Indicators
Bitcoin is showing signs of breaking out of its two-week downtrend. A daily close and retest around $106,600 could be favorable for the trend to continue. BTC price has reached a daily close above its 10-day moving average (SMA), which could invalidate the bearish scenario.
Forecasts for the Future
Trader Cas Abbe looks at order book liquidity and predicts a magnet-style move. Abbe expects a big move higher in BTC next week, possibly above $109k-$110k. The key weekly close is $104,400.
Other traders are also weighing in. CrypNuevo sees potential for long positions at $100k. Rekt Capital sees a retest of support as a success and expects a close above $104,400.
It is important to remember that every investment and trading action involves risk. It is recommended to conduct your own analysis and consult with financial specialists before making decisions.
