Should traders expect to see the $60k former support reclaimed? Alternatively, should they look to go short upon a retest? Here’s what market participants could watch out for before making their next move.The key levels are $59.4k and $60.7k in the short term. A cluster of liquidity is likely present near these levels, marking them as critical areas where a bearish continuation could occur.The liquidation levels showed that the cumulative liq levels delta was vastly negative.
The $60.5k and the $63.8k levels had the highest cluster of liquidation levels. Hence, a move to these levels before a reversal southward is anticipated. Looking at the realized UTXO age bands, the onset of major bull runs came when the realized price of 1-3 month and 2-3 year bands saw a smoothing process.
This happened in 2020 from January to September, and prices tend to consolidate near the realized prices of these age bands.However, the recent pullback could be followed by deeper losses as savvy market participants buy from impatient BTC sellers. This could be followed by the true bull run, the analyst pointed out.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.
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