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Bitcoin surpassed $58,000 and then $59,000 for the first time since December 2021. While there are generally more bullish expectations in the market, BTC is expected to reach its previous ATH of $69,000 in a short time.
However, some analysts also stated that some data signaled a possible correction for BTC, while popular analyst Ali Martinez said that the Bitcoin liquidation heat map shows that a long position of approximately $ 300 million is at risk of liquidation if Bitcoin falls to $ 55,900.
Additionally, according to IntoTheBlock data, 1.49 million addresses have purchased 432,920 BTC at prices ranging from $56,961 to $67,413 on average.
According to this data, the majority of investors who bought Bitcoin in this range are close to making a profit, while investors making a profit also signals that there may be a potential selling pressure.
If this selling pressure materializes and there is a correction in BTC price, the next key support levels for Bitcoin could lie between $55,134 and $56,961, according to the data. Because, according to IntoTheBlock data, 513,730 BTC was purchased by 991,220 addresses at an average price of $ 56,036.
However, if the correction in Bitcoin continues and the $56,000 level is not maintained, a significant liquidation risk may arise and the $300 million long position could be liquidated.
This smoothing could lead to a gradual decline in price, as liquidations on long positions at this point could increase selling pressure and cause the BTC price to drop.
Around $300 million will be liquidated across the board if #Bitcoin drops to $55,900! pic.twitter.com/GSuNue0beo
— Ali (@ali_charts) February 27, 2024
*This is not investment advice.