Bitcoin broke above $72,000 on August 20 after a quick rebound, with analyst Sykodelic identifying the $67,000 level as the crucial support that bulls must defend to confirm a lasting recovery. The bullish target is set at $74,000, with the next major resistance between $80,000 and $83,000 according to trader Nik. The market also experienced massive liquidations with over $1.2 billion in leveraged positions liquidated within an hour, including $1.14 billion in short positions. The broader cryptocurrency market rose by approximately $200 billion in 24 hours, with bitcoin gaining over 11% in one day and 12% in one week.
Source: Read the original article
