BTC is in line to spark some 'massive' liquidations if it hits $30,000, says analysis.
“A whole new ballgame if BTC breaks it. NASDAQ & S&P went strong into weekly close. Still major pessimism and disbelief while major milestones are close to being made for Stocks/BTC.”
Popular Twitter account Byzantine General predicted that a breakthrough of resistance immediately above the spot price would result in a sea of liquidations, leading to further upward momentum. “It feels like some bear is very desperately trying to defend the 29k to 30k region,” a tweet stated on the day.
“I think that when this level breaks massive liqs will come in. And it does feel like a matter of ‘when’ not ‘if’ because there’s zero froth in the market, only some spot supply.“An accompanying chart showed the Binance BTC/USDT order book with bid and ask liquidity concentrations by price level.On shorter timeframes, however, traders were content to wait for the weekly close to cement prior gains.
“Ranging this weekend it seems on the corn, and for continuation the bulls want to reclaim the range high at $28,750. Until the we chill,” Crypto TonyOthers were more pessimistic, among them trading resource Stockmoney Lizards, which described a correction as “very likely” before BTC/USD hits $30,000.
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