Bitcoin, the flagship cryptocurrency, surged to an intraday high of $79,490 earlier today, currently flirting with the psychological $80,000 barrier.
According to prominent trader Josh Olszewicz, the leading cryptocurrency is currently on the verge of its first daily Kumo breakout since October.
1D $BTC
nearing the first kumo breakout since Oct (!) pic.twitter.com/1s6tpGvDUp
The significance of a Kumo breakout
"Kumo" (or "cloud") is the key component of the Ichimoku Kinko Hyo indicator. The cloud is formed by two leading moving averages. It acts as a dynamic zone of support and resistance.
A certain asset is considered to be in the middle of a bearish trend when the cloud acts as overhead resistance. The market enters a consolidation phase when the price is inside the cloud. At the same time, the price of a certain enters a likely uptrend when it breaks above the cloud.
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The one-day chart shared by Olszewicz shows that Bitcoin has been trapped in a grueling downtrend since its peak, remaining below a thick bearish red cloud. Every attempt to stage a new rally has been rejected so far.
However, there is a glimmer of hope for the bulls. Bitcoin's price has now penetrated the bottom of the red cloud and is currently trading inside it. BTC is currently pressing directly against the upper boundary of the cloud.
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If Bitcoin manages to print a daily close above this top resistance line, it will confirm the first true Kumo breakout since October.
Bears are getting crushed
Meanwhile, there has been a significant wave of forced liquidations targeting traders betting against the market.
According to the latest liquidation data from CoinGlass, the crypto market has witnessed $220.96 million in total liquidations over the past 24 hours.
The vast majority of this carnage has fallen on short sellers. A staggering $186.64 million in short positions were wiped out in a 24-hour window.
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