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Bitcoin Near Key Liquidity Zone Faces Potential Upward Move but Risks CME Gap Closure
The price of Bitcoin ($BTC) tested a dense liquidity zone between $118,220 and $118,550. Moving above this area could lead to a potential rise towards $119,900-$120,300, but there remains a risk of the CME gap closing on Monday. The overall crypto market capitalization stays near yearly highs. In the past 24 hours, large outflows on CEXs include $MKR ($4.13 million), $CRV ($3.5 million), $AAVE ($2.9 million), and $LINK ($2.5 million). Conversely, inflows are highest for $ENS (+$6.3 million) and $UNI (+$1.69 million). A trading idea suggests shorting $CKB at a stop-loss of $0.00691 and a take-profit of $0.00614, with a stop move to breakeven at $0.006411. Not an official recommendation.
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AI Analysis
Analysing the current Bitcoin price dynamics, it appears that Bitcoin has reached a significant liquidity zone between $118,220 and $118,550. This area often serves as a key support or resistance leve...
AI Recommendation
Given the current technical setup and market sentiment, it would be prudent for traders to monitor Bitcoin's movement around the key liquidity zone. A confirmed breakout above $118,550 with strong vol...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.