BTC and ETH liquidated $1 billion longs in the latest dip. The next target is $4 billion liquidity above $81,500. Could BTC and ETH recover higher prices this month? The crypto market experie
The crypto market experienced a sudden dip in prices over the last 24 hours, leading to a heavy liquidation before a sharp short recovery. In detail, BTC and ETH liquidated $1 billion longs in the latest dip when the price of BTC dipped as low as the $79,000 price range. Now trading in $82,000, analysts hope to see Bitcoin price surge towards higher targets which could lead to a $4 billion liquidation.
According to CoinMarketCap analytics, the last 24 hours saw the price of BTC dip as far as the $79,000 price range before a surge brought the price back to $82,000, where it trades now. Similarly, during the same time period, the price of ETH dipped as low as the $2,300 price range before climbing back up to the $2,400 price range. Analysts hope to see BTC recover above $84,000 and ETH over $2,500 to keep bullish structures in check.
https://twitter.com/LAR7Crypto/status/2110751761631973648As we can see from the post above, the price action of BTC and ETH over the last 24 hours led to the liquidation of 174,059 traders, totaling to a liquidation of $910 million. In the following hours, when BTC dropped to $79,700, the total liquidation was $1 billion in longs. Now, a huge amount of liquidity remains above, so analysts are expecting a move in that direction, which is above $87,300 for Bitcoin and above $2,600 and $2,800 for ETH.
https://twitter.com/CryptoReviewing/status/2110746748498989303
Meanwhile, the expert in the post above says that the price range to watch next is between $81,500 - $87,000, as Bitcoin now has roughly $4 billion in liquidity above compared with around $750 million below between $77,000 - $80,000. That’s 5x more above, so there’s still a huge amount for price to attack if BTC can recover. Short term, the two areas to watch are $77,400 - $79,600 below and $80,900 - $84,800 above.
With BTC moving this violently, the analyst expects one of these liquidity magnets to get tested today. What’s more, the whale map is interesting too as there are enormous buy orders stacked from $75,000 - $80,000, while orders above from $81,000 - $88,000 are relatively thin. This gives Bitcoin a decent support cushion below and leaves room for a recovery if buyers step in here.
https://twitter.com/MstrTranquility/status/2108952608887247348Additionally, the analyst highlights how spot buying remains weak while leverage traders are still active, meaning this isn’t the cleanest recovery setup yet. Meanwhile, an interesting observation for ETH shows that while many panic-sold ETH at $2,400, whales accumulated. In fact, they tripled their ETH longs. According to the post above, ETH shows potential to surge and reclaim the $3,400 price target.
