The crypto market is on the brink of a major breakout with bitcoin trading at $78,000, the level it failed to breach on Friday and a price it has not topped since January.
A break above this level would trigger upside momentum to $80,000 as $180 million worth of futures positions are due to be liquidated between $77,000 and $78,000, according to CoinGlass’ liquidation heatmap.
However, there is also a $71 million long position that will be liquidated if the price fails to gain and descends back below $77,300, creating a defensive trading environment on both sides.
The market is higher after U.S. President Donald Trump extended the ceasefire in Iran, saying that country’s government was “seriously fractured.”
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