#bitcoin
📊 BITCOIN: WHY DID IT FALL AND WHAT TO EXPECT?
While $BTC is stuck in a flat, let's look at the liquidation chart and order book from The Kingfisher. The picture is very eloquent and clearly explains the mechanics of the last drop.
📉 Why did the price fall?
Everything is banal - the market has again "shaven" overconfident longs.
1. Liquidation cascade: In the range of $62.5k - $64k, a colossal cumulative mass of stops and liquidations of those who bought on the rebound gathered (the red line of cumulative volume on the KF chart soared almost vertically).
2. Domino effect: As soon as the price locally sank, the first stop orders were triggered. Since there were no buyers in the glass to absorb such a volume, closing longs with market orders provoked an avalanche, which rolled the price down to the current $61.74k.
🧱 What's in the glass right now?
Resistance (Ask): At the top (from $62k and above) there are very dense "walls" of sell limits. It will be difficult to grow upwards, this volume puts pressure on the psyche of buyers.
Support (Bid): At the bottom, the glass is emptier. The main protection and interest of large capital is smeared closer to the psychological level of $60.0k.
🔮 Further movement and scenarios
The price goes where the money is. Currently, there are almost no strong short liquidations from below (towards $60k), i.e. there is not enough "fuel" for a sharp move upwards from current positions.
Priority option: While we are trading below $62k, there is a risk of a local slide or a quick squeeze to the $60k – $60.5k zone to test buyers’ limits and remove remaining liquidity.
Bullish scenario: We can only talk about a reversal or a strong rebound after a confident closing of the hourly candle above $62.5k and the current pressure from sellers is relieved.
