Bitcoin Price Prediction as New Rally Leads to $200 Million in Short Liquidations – Will BTC Keep Rising?

cryptonews.com:

, often dubbed the ‘digital gold,’ is currently on a rollercoaster ride. Having recently climbed beyond the $34,000 threshold, BTC’s ascendancy led to the liquidation of over $220 million in short positions in a mere 24-hour span, a testament to its volatile nature. This surge isn’t exclusive to Bitcoin alone; the entire cryptoverse felt ripples, with liquidations across the board exceeding $400 million. Amidst this tumult, Bitcoin stands tall, trading at a commendable $34,750.   Bitcoin’s value has risen by over 13% in the last day, with the global cryptocurrency market cap seeing a 9.8% increase. André Dragosch from Deutsche Digital Assets attributes the price surge to a combination of a short squeeze and significant on-chain developments, including increased transfer volumes and large investor accumulation. However, Dragosch also warns of a potential price correction in the near term. A combination of institutional interest, potential ETF approvals, and global economic scenarios paints a complex picture of BTC’s trajectory. Let’s dive deeper.

Examining Bitcoin‘s 4-hour chart offers a detailed insight into its recent price movements. The established pivot point, an essential tool for traders, remains steady at $32,462. Clearly defined resistance levels have been identified, with the nearest one set at $34,501. Should Bitcoin’s upward trajectory continue, it’s likely to encounter the next resistances at $36,507 and subsequently at $38,579. Conversely, if the market turns bearish, immediate support is available at $31,212, with further support levels at $29,172 and a deeper one at $27,956. Reviewing the technical metrics, the Relative Strength Index (RSI) is notably high at 78.