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Bitcoin rockets past local resistances, but is this the start of a bull run?

Press Releases Crypto News AMB-Crypto Bitcoin rockets past local resistances, but is this the start of a bull run?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin noted large gains over the past 48 hours as short-sellers faced massive liquidations
With their liquidity dried up, it could be hard for BTC to push higher within the next few days

Bitcoin [BTC] pumped close to 6% over the past two days. The Open Interest (OI) surged higher alongside prices and showed bullish conviction in the near term. The higher timeframe charts showed that BTC was at a local resistance but had room for expansion northward.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The local resistance was at the $28.3k-$28.5k territory. Bitcoin was trading within a range from $24.8k to $31.8k, and the mid-range resistance was $28.4k. It sat close to the $28.5k level, a long-term resistance. Could the bulls push past it soon?

The price is attracted to liquidity, and Bitcoin bears have already been forced to withdraw

Source: BTC/USDT on TradingView

Liquidation data from Coinglass showed that the past 24 hours saw $60 million worth of contracts liquidated, with $44 million being short. This was evidence that a good chunk of the short sellers had been wiped out.

Therefore, even though BTC has a bullish market structure on the daily chart, it could be hard for the bulls to drive prices higher. Instead, it makes more sense for the market to drop and hunt the enthusiastic, and possibly late, bulls.

An ideal area for this would be a revisit of the $26.9k-$27.4k region. This zone served as resista

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Author: Akashnath S

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