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Early this morning, a single spike liquidated $50 million.
Yesterday, I mentioned that the downside liquidity was accumulating around $65,000, and this morning at 6 a.m., a sharp drop straight to $65,000 wiped out the short-term bottom traders.
Are the bulls completely wiped out now that the short-term traders are finished? 🔪
There are three major accumulation zones for short liquidations above: at $67,500, $70,000, and $72,000.
As of the close on 3/28 (last Friday), the three major U.S. stock indices have declined for the fifth consecutive week, marking the longest weekly decline in nearly four years.
Today is Monday. If the Middle East geopolitical conflict has not eased, the decline may continue. Let’s see if any positive news can emerge to stimulate the market and trigger this liquidity clearance wave.
Guess again—once more, Trump opens his mouth with positive news, causing the price to soar, only to be fake-boosted and then fall back. $BTC
Currently, the main short positions are concentrated around 67,500, which is roughly the rebound zone from last night. Most traders tend to set their stop-loss at the resistance level that couldn't be broken through, which is the liquidation point.
The short accumulation above that is roughly around 70,000 and 72,000, but the momentum is not strong at the moment.
On the other hand, the main long liquidity is concentrated around 65,000, which is a relatively strong support level. If this level is broken, then 60,000 won't hold either.
Further down, long liquidity is concentrated around 62,000 and 58,000.