{"id":9965,"date":"2023-01-24T11:29:42","date_gmt":"2023-01-24T11:29:42","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9965"},"modified":"2023-01-24T11:29:43","modified_gmt":"2023-01-24T11:29:43","slug":"this-25k-btc-price-target-would-spell-misery-for-bitcoin-shorters","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9965","title":{"rendered":"This $25K BTC price target would spell misery for Bitcoin shorters"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) has an important new price target for bulls to meet \u2014 and it is closer than it seems.<\/p>\n<p>As noted by Philip Swift, co-founder of trading suite Decentrader, $25,000 is now a critical BTC price level.<\/p>\n<h2>Bitcoin price rally near &#8220;a lot of liquidity&#8221;<\/h2>\n<p>After putting in 40% gains in January, Bitcoin continues to consolidate around the $23,000.<\/p>\n<p>Opinions are split as to what will happen next \u2014 after more than a year of bear market, plenty of market participants expect a dramatic correction and even new multi-year lows of $12,000 or worse.<\/p>\n<p>Others believe that the good times can continue and even see BTC\/USD reach $30,000 before checking its relief rally.<\/p>\n<p>In the meantime, however, some are focused on another line in the sand much closer to current spot price. <\/p>\n<p>For Swift, the area around $25,000 is now especially significant. This, he noted in a tweet on Jan. 24, is where bears begin to get liquidated en masse.<\/p>\n<p>It is also the site of Bitcoin\u2019s 200-week moving average (WMA), a key trend line which has been absent from the chart since the middle of 2022, when it failed to act as support. Bitcoin has since spent a record amount of time below the 200WMA, which currently sits at around $24,750.<\/p>\n<p>\u201cThere is a lot of liquidity from $24,700 &#8211; $25,900 which lines up with the 200WMA and the area just above it,\u201d Swift commented.<\/p>\n<p><em>BTC\/USD liquidity chart (screenshot). Source: Decentrader<\/em><\/p>\n<p>Analysis of an accompanying liquidity chart shows that leveraged short positions will start seeing liquidations once BTC\/USD passes $23,400 \u2014 so far, this is exactly where the rally has encountered momentum problems.<\/p>\n<p>\u201cThis level continues to act as resistance,\u201d trader and analyst Rekt Capital wrote in part of commentary about the topic, noting that Bitcoin\u2019s latest weekly close was also lower.<\/p>\n<p>\u201cBTC needs to reclaim this ~$23400 as support to move higher, otherwise there is a risk of a new Lower High forming relative to the Summer 2022 highs.\u201d<\/p>\n<p>Such a scenario would mean BTC\/USD fails to crack its local highs from August, these in themselves marking brief respite in the 77% drawdown from the all-time highs seen in November 2021.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/p>\n<h2>August 2022 highs keep bulls in check<\/h2>\n<p>Continuing, Rekt Capital drew attention to the fact that the summer highs also present a resistance zone on longer timeframes.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price stays near $23K as data shows hodlers not selling BTC<\/em><\/strong><\/p>\n<p>Analyzing the monthly chart in his latest YouTube update, he underscored the need to break through that resistance, which is still &#8220;reaffirming itself.&#8221;<\/p>\n<p>&#8220;If this continues to be the case, then we could set ourselves up for a dip just to reaffirm this level as support,&#8221; he argued, referring to the monthly range lows, which Bitcoin lost thanks to the FTX debacle.<\/p>\n<p>A short-term prediction suggested that &#8220;some consolidation could take place for as long as it needs to take place before there is a break to either side of the range.&#8221;<\/p>\n<p>A trip below the range low, Rekt Capital added, was nonetheless not out of the question.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/this-25k-btc-price-target-would-spell-misery-for-bitcoin-shorters\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has an important new price target for bulls to meet \u2014 and it is closer than it seems. As noted by Philip Swift, co-founder of trading suite Decentrader, $25,000 is now a critical BTC price level. Bitcoin price rally near &#8220;a lot of liquidity&#8221; After putting in 40% gains in January, Bitcoin continues [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9965"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9965\/revisions"}],"predecessor-version":[{"id":9967,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9965\/revisions\/9967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9966"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}