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Bitcoin ($BTC) is currently exhibiting a triangle bearish continuation pattern, with a target set at $71,200. As the cryptocurrency attempts to break out to the upside, some analysts, like technical expert Gert van Lagen, are questioning whether this movement is a potential fake-out.
$BTC [15m] is showing a triangle bearish continuation pattern targeting $71.2k, which tries to break out to the upside at the moment ~ fake-out?
— Gert van Lagen (@GertvanLagen) October 30, 2024
A lot of late longs will be liquidated at $71.6k as per the Binance liquidation heatmap.
Invalidation: break above B at $73k pic.twitter.com/g37t325J9M
Late Long Positions at $71,600 Could Impact Bitcoin Price
Binance liquidation heatmap shows that there can be numerous late long positions with the leverage of $71,600. This could lead to some fluctuation in the market, due to the changing of the guards as traders respond to this important level.
However, there is an invalidation point for this bearish outlook that analysts have pointed out. If the price of Bitcoin is to rise above $73,000 it would eliminate the bearish view currently in place indicating a possible change in trend.
Bitcoin Price Hits $72,273, Up 1.6% Amid Market Volatility
Currently, Bitcoin price is around $72,273, it was up by 1.6% in the past 24 hours. This small increase has occurred amidst volatility, as traders pay attention to movement in price and the amount of liquidations.
As with most cryptocurrencies, key resistance and support levels are currently active and the next moves for Bitcoin will prove critical for short term traders, and long-term holders, according to technical expert Gert van Lagen. In the process of its formation, market participants will be waiting for confirmation or rejection of the current pattern.