Bitcoin Update:
Bitcoin $77,978.
The price of Bitcoin (#BTC ) rose and surpassed the liquidation level around $78,000.
This rise was not supported by strong demand in the spot market.
While Binance and Bitfinex saw buying activity, Coinbase remained weak.
This rise was fueled by high leverage, as the 76,773 level is heavily leveraged.
Reaching this level would result in the liquidation of a total of 154 million in trading volume.
For the rise to continue, demand in the spot market must strengthen; otherwise, this rally may remain merely a liquidity-driven movement.
Key levels in the next 12 hours:
1️⃣ 78,844
2️⃣ 77,331
3️⃣ 76,773.
If this level is reached, we will see a drop to the strong support level of 75,731.
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