{"id":408976,"date":"2024-07-24T02:30:40","date_gmt":"2024-07-23T21:00:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=408976"},"modified":"2024-07-23T17:03:13","modified_gmt":"2024-07-23T11:33:13","slug":"bitcoins-bull-run-to-68k-a-trap-for-30m-in-liquidation","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoins-bull-run-to-68k-a-trap-for-30m-in-liquidation\/","title":{"rendered":"Bitcoin\u2019s bull run to $68K: A trap for $30M in liquidation?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin was down by more than 6% in the last seven days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators were bearish on the coin.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has been on a bull rally for the last seven days as its price has increased considerably. However, this bullish trend might not last long as a key indicator hinted at a possible price correction soon. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s have a look at what\u2019s going on with Bitcoin.\u00a0<\/span><\/p>\n<h2><b>Bitcoin\u2019s liquidation is rising<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMArketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that Bitcoin\u2019s price increased by more than 6% in the last seven days. At the time of writing, BTC was trading at $67,055.86 with a market capitalization of over $1.32 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, Ali, a popular crypto analyst, posted a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1815299234561712494?t=4xif_PHponXAWkRegE8koQ&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting an interesting update. As per the tweet, $30.33 million will be liquidated if Bitcoin rebounds to $68,838.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Generally, a rise in liquidation results in price corrections. Therefore, AMBCrypto planned to have a better look at BTC\u2019s state to see whether it\u2019s getting ready for a correction or if the road ahead is clear.\u00a0<\/span><\/p>\n<h2><b>Which way is BTC headed?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto then planned to take a look at the king of crypto\u2019s metrics to see what to expect from them. As per our analysis of Santiment\u2019s chart, BTC\u2019s MVRV ratio registered an uptick last week, which can be inferred as a bullish signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, its weighted sentiment also moved into the positive zone. This clearly meant that bullish sentiment around the coin was increasing in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, the rest of the metrics looked bearish. For example, its supply on exchanges registered an uptick, suggesting a rise in selling pressure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On top of that, the king of cryptos\u2019 NVT ratio also registered an uptick. Whenever the metric rises, it means that an asset is overvalued, indicating that the chances of a price correction are high.\u00a0<\/span><\/p>\n<figure id=\"attachment_408980\" aria-describedby=\"caption-attachment-408980\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024.png\"><img decoding=\"async\" class=\"wp-image-408980 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024.png\" alt=\"BTC's NVT ratio increased \" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Bitcoin-BTC-15.28.51-23-Jul-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-408980\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>Analysis of BTC\u2019s daily chart<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto then planned to have a look at the coin\u2019s daily chart to see what market indicators suggest. We found that BTC\u2019s price touched the upper limit of the Bollinger Bands, which often results in price corrections. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s Relative Strength Index (RSI) also registered a downtick. Both of these indicators suggested that the chances of a price correction were high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, the technical indicator MACD displayed a bullish advantage in the market, hinting at a continued price rise in the coming days.\u00a0<\/span><\/p>\n<figure id=\"attachment_408981\" aria-describedby=\"caption-attachment-408981\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23.png\"><img decoding=\"async\" class=\"wp-image-408981 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23.png\" alt=\"\" width=\"2308\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-1024x646.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-1536x969.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-2048x1292.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-23_15-33-23-1200x757.png 1200w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-408981\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s liquidation would rise sharply when it touches $68k, but BTC might fall victim to a price correction before reaching that mark.<\/p>\n","protected":false},"author":75,"featured_media":408994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-408976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin\u2019s bull run to $68K: A trap for $30M in liquidation? 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