Some crypto traders suggest waiting on the sidelines to avoid getting “rinsed by leverage,” as they can always “play catch up later.”) could be in for a nasty surprise as the cryptocurrency faces a critical crossroads, which could see the price bounce in different directions, analysts warn.
HoneyBadger pointed to the Bitcoin price chart, which appears to be forming a symmetrical triangle, indicating a neutral pattern, unlike a bullish ascending or bearish descending triangle which traders can use to make better judgments of its direction.He believes traders might prematurely interpret it as a “retest of the triangle,” prompting them to enter long positions with high confidence.
Bitcoin is currently trading at $70,500, having tested its support level of $68,500 three times in the past week, as per CoinMarketCapOn April 10, Bitcoin’s price briefly dropped 3% below the support level following the release of United States inflation data, If Bitcoin’s current price increases by 5% to $73,819, approximately $2.14 billion in short positions will be liquidated, as per CoinGlass
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