The 4-hour chart revealed strong resistance at $69k-$69.5k, but short liquidations could fuel a surge past this tricky resistance zone.was trading at the range highs at $67 at press time. This range has been in place since mid-April. The past few days’ momentum, particularly the recovery past $65k, convinced bulls that further gains were likely.of liquidation levels. This level could attract prices in the coming days, but it could be accompanied by some volatility.
The idea is that a sharp, quick downward move before this large liquidity pocket is hit could encourage more short positions. It could also create false confidence in traders who are already short, which builds even more liquidity around the $69k region.He also pointed out that these aggressive moves happen at the start of the week. The 50-EMA on the 4-hour chart at $65k was another potential support for Bitcoin. Such a deep drop could encourage even more short-selling.
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