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Bitcoin ranged between major levels of support and resistance in its recent trading session and is currently trading at $108,365.
Over the last 24 hours, the Bitcoin price has traded back and forth between $106,800 and $114,082. Bitcoin reached a high of $114,082 on Tuesday before losing most of its gains, leading to significant liquidations on the crypto market.
Over $748 million in leveraged positions were liquidated according to CoinGlass data, split between long and short positions; Bitcoin accounted for $317 million of this figure.
A total of $171 million Bitcoin longs suffered liquidation, while shorts accounted for $145 million; this suggests that Bitcoin's two-way price action is squeezing both leveraged bullish and bearish plays, highlighting challenging market conditions for traders.
Bitcoin up or down?
BTC's sharp pullback from highs of $114,082 on Tuesday may indicate that sentiment remains cautious heading into the final stretch of October.
Amid the current uncertainty on the market, traders are watching to see where Bitcoin heads next.
Amid this, a market analyst says Bitcoin might be a descending structure within a bullish trend, which might be bullish eventually.
Responding to this, veteran trader Peter Brandt was not definite. "I'll be first to admit you could be right. I am willing to go with it in either direction. If BTC goes up I want to be long, if it goes down I want to be short," Brandt said.
In Brandt's words, he is willing to go with Bitcoin in either direction, implying it could either go up or down.
The values of $102,000 and $120,000 are highlighted as key Bitcoin support and resistance levels.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team