Data from and showed BTC/USD retesting $92,000 as support overnight.
The pair broadly maintained six-week highs while global markets remained at a loss over the trajectory of the .
“The market is now up over +1% on the day on no news at all,” trading resource The Kobeissi Letter alongside a chart of the S&P 500 in part of its latest analysis on X.
“As we have seen multiple times this year, it almost feels like someone is front-running something right now. We expect to see some sort of bullish announcement soon.”
Bitcoin continued to brush off news events, leaving volatility to equities, while gold attempted to stabilize after slipping from record highs earlier in the week.
“Fairly normal to have a slight correction here on Bitcoin as it's just had a massive breakout,” crypto trader, analyst and entrepreneur Michaël van de Poppe X followers on the day.
“Buyers likely going to step in and then we'll be continuing our path towards a new ATH.”
BTC/USDT 12-hour chart with RSI data. Source: Michaël van de Poppe/X
Others increasingly entertained the idea of a deeper correction following brisk gains for BTC/USD, potentially taking the market back below the $90,000 mark.
“A dip to 88k would be lovely,” popular trader Inmortal argued.
A dip to 88k would be lovely.
If the market gives it, I will probably play one of these two setups, or both.
— Inmortal (@inmortalcrypto)
Trader and analyst Rekt Capital had a similar conception of the potential support retest move.
BTC price action, he , was closely copying behavior from the middle of its previous bull market in 2021.
“Part of Bitcoin continuing to repeat mid-2021 price tendencies relative to the Bull Market EMAs would be a dip into the $87000 (green EMA) level for a post-breakout retest, if at all needed,” he commented on a weekly chart showing two exponential moving averages (EMAs).
“Depends on how BTC Weekly Closes relative to $93500.”
BTC/USD 1-week chart. Source: Rekt Capital/X
Bitcoin bulls seek leveraged shorts wipeout
The main target for bulls thus remained the just above $93,000, one which remained intact as resistance at the time of writing.
Related:
This coincided with a block of potential liquidation levels on exchange order books, providing for a “short squeeze” should price attack them.
Liquidation heatmap shows that liquidity of leveraged positions is building up on both sides. Leveraged longs mainly around $91,400. Leveraged shorts around $93,500-$94,500.
— chad. (@chad_ventures)
The latest data from monitoring resource showed the largest concentration of liquidation leverage centered around $93,600.
Earlier, on a large trading entity dubbed “Spoofy the Whale” removing a wall of asks at $90,000.
BTC liquidation leverage data. Source: CoinGlass
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
