Bitcoin has dropped from around 18:00 to the current price of about 70700, with a decline of 3% within 7 hours. Currently, no rebound trend is observed, and the price may further test lower levels. What point can be considered a bottom? What points should short traders pay attention to? Let's take a look at the concentrated liquidation points on the liquidation map:
From the liquidation map, it can be seen that the accumulated short position strength above during the decline has far exceeded the liquidation strength of long positions below. The current concentrated liquidation points for shorts are 71590.72470 and 73400, with accumulated liquidation strengths of 150 million, 310 million, and 640 million USD respectively. The concentrated liquidation range for shorts has accumulated up to around 74230, with an accumulated liquidation strength of 849 million USD.
Short traders need to pay special attention to the point at 71590. This is not only the support-resistance exchange area above, but also the first concentrated liquidation point. If the price rebounds and stabilizes above this range, it basically indicates the end of this pullback.
In contrast, the strength available for liquidation for longs is far insufficient compared to shorts. The main concentrated liquidation points are only 69800 and 69450, with accumulated liquidation strengths of 188 million and 217 million USD respectively. The accumulated liquidation range for longs is mainly concentrated around 69100, with a remaining accumulated liquidation strength of 294 million USD.
There is a CME futures gap near 69800. If there is a spike rebound at the position between 69450-69800, it should be a good entry point for long positions.
