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Solid Upside Rejection as Bitcoin Tests $60,000; What to Expect?

Bitcoin bears attempted to take control during the early European session as the cryptocurrency neared a $60,000-valuation.
The BTC/USD exchange rate slipped by as much as 4.89 percent from its intraday high of $59,800, triggering over $388 million worth of long positions across all the derivative exchanges in just four hours of trading. A sell liquidation occurs when the market moves against a bullish bet and breaches the stop loss — a predetermined limit.
When that happens, the exchanges automatically unwind the long position at a loss, risking a so-called ‘Long Squeeze’ scenario — a situation in which investors who hold long positions feel the need to sell into a falling market to limit their losses.
Bitcoin Total Liquidations. Source: ByBt.com
But the move did not suggest a return of the bearish bias.
Market analyst Michaël van de Poppe quickly highlighted Bitcoin’s intention to bounce back towards $60,000 after testing a “critical support zone” above the 56,000-level. Nevertheless, he noted a breakdown below the said area would risk exposing bitcoin to deeper retracements, with next downside targets lurking near $54,000 and $51,000.
Bitcoin trade setup, as presented by Michaël van de Poppe. Source: BTCUSD on TradingView.com
The BTC/USD exchange rate previously tested all the said lower levels in a downside correction that came before the record $6 billion options expiry last Friday.
The pair later flipped all the said support levels into resistances after the options expired towards the bulls’ preferred strike price target near $55,000. It kept on rallying into the new …
Story continues on Bitcoinist

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