PANews February 12 News, according to Cointelegraph analysis, Bitcoin’s price has repeatedly been rejected at the resistance zone of $70,000 to $72,000, forming a series of lower highs. It has now broken below the intraday trend line, with short-term bears in control. The liquidation heat map shows a liquidity gap between $66,000 and $60,500, which may exert a magnetic pull, attracting the price to quickly pass through to reach the below stop-loss cluster. Currently, there are over $350 million in leveraged long positions near $60,500. If the price cannot quickly rebound above $68,000, the risk of Bitcoin dropping to the annual low of $59,800 will increase.
Trader Husky stated that Bitcoin has broken below the volume-weighted average price of $59,800, and the short-term market structure is weakening. Analyst EliZ pointed out that Bitcoin is currently consolidating within a downtrend channel near $66,500; if it breaks below this level, it may drop to the support zone of $63,400 to $64,600.
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