The leading cryptocurrency continues to increase the bears pressure in Bitcoin. Bitcoin (BTC), which has experienced big drops, still has not been able to break the pressure of the bears. Bitcoin, which started to decline from $ 48,200 levels, was worth $ 39,200. The leading cryptocurrency, which received a reaction from the $ 39,200 support, managed to rise again to the $ 41,550 resistance.
These rises, on the other hand, failed to liquidate or stop leveraged short positions opened in futures. According to the data shared by CoinGlass, only $125 million positions have been liquidated in the last 24 hours. Considering the short positions opened, it is revealed that this liquid level is very low.
The movements of Bitcoin in the last 10 days were based on liquidating long positions opened only in futures. Market makers who managed to liquidate all long positions still do not allow BTC to start an upward movement. It is thought that the leading cryptocurrency BTC, which has intense seller pressure, must exceed the $ 42,000 resistance in order to break this seller pressure. BTC, which exhibits much more bullish movements above this level, still seems to be trying to hold on to the $ 39,500 support. Bitcoin, which is expected to gain value to the level of $ 45,500 in a short time after breaking the $ 42,000 resistance, will also provide some relief for altcoins.