The Bitcoin price is trading at $67,807 as of 3:00 am EST, up 4.5% over the last 24 hours.
On July 26, BTC rose from a low of $65,705 to an intraday high of $67,477, a 2.7% rally that saw the big crypto reclaim the $67,000 level.
The rise in Bitcoin has been accompanied by a spike in liquidations across the broader crypto market. According to derivatives data from Coinglass, more than $202 million leveraged crypto positions have been liquidated over the last 24 hours – $80.72 million of these are short position liquidations. BTC’s climb above $67,000 has led to the liquidation of more than $33.12 million in short Bitcoin positions.
The largest single liquidation order occurred on the OKX crypto exchange, involving an BTC/USDT swap valued at $9.56 million.
BTC’s rally on July 26 saw its price edge above a key support zone stretching from $63,300 to $65,000, providing a strong support area on the downside. This is the area where the 50-day exponential moving average (EMA) and the 100-day EMA currently sit, as shown on the daily chart below.
This is corroborated by data from on-chain metrics data provider IntoTheBlock. Its In/Out of the Money Around Price (IOMAP) model shows that this level sits above within the $63,148 to $65,178 price range, where roughly 978,670 BTC were previously bought by approximately 1.77 million addresses.
This means that the price of the pioneer cryptocurrency sits on strong support downward, relatively robust enough to absorb any selling pressure threatening to pull the BTC below this level.
The Relative Strength Index (RSI) was back above the midline, and the price strength at 61 suggested that the market conditions had flipped in favour of the upside.
In addition, the 50-day, 1000-day and 200-day EMAs were facing upward, a suggestion that the buyers were still in control of the price.
As such, BTC could resume its uptrend by producing a daily candlestick close above $68,000. Above that, the next logical move would be the $70,000 and $72,000 psychological levels and, later, the all-time high above $73,835.
On the downside, a daily candlestick close below the $65,000 psychological level would suggest the inability of the buyers to sustain higher levels. The 50-day EMA at $63,590, would provide the first line of defense. Additional lines of support would emerge from the 100-day EMA at $63,309 and the $60,000 demand zone.