Bitway's Rally Faces Key Test After $3.2M Short Liquidations
Key Summary
Bitway [BTW] has seen a 46% surge in 24 hours, but its rally is under pressure due to short liquidations and weakening price action, raising concerns about a potential correction. The token is trading near a key support zone and may face a test of its recent gains.
Background Context
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Bitway [BTW] has extended its rally from $0.45 to $2.75 in roughly three weeks, with a sharp shift in market momentum. The token has outperformed Bitcoin [BTC] and the broader market, with trading volume rising along with the price. However, the rally encountered resistance near its all-time high and may be due to traders locking in profits.
The token later retraced back to $2.53, where it was trading as of writing time. The RSI stood at 81.43, placing Bitway in extreme overbuy conditions. This may lead to a short-term decline due to being in an extremely overbought position.
Long-term outlook is positive as long as buyers continue to protect the area between $2.40 and $2.50. Losing $2.40 could trigger a deeper pullback toward $2.05–$2.10, testing whether recent gains reflect sustained demand or speculative momentum.
Bitway's rapid climb toward $2.80 forced bearish traders to close positions, resulting in a continuation of the rally due to short squeeze. Over 24 hours, the token accumulated over $3.48 million in liquidations, with short liquidations accounting for $3.20 million. However, when the price was rejected at $2.75, it shifted pressure back to the leveraged buyers.
Long position liquidations were approximately $23.43K within an hour, implying that late buyers were already taking a loss. Below the $2.25–$2.32 zone sits concentrated liquidity clusters, which could push prices further downwards if selling accelerates. On the other hand, defending the $2.40–$2.45 zone may help buyers regain control and challenge $2.68–$2.75.
Bitway [BTW], US, Federal Reserve
Regulatory Enforcement
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Bitway's rally faces a key test after $3.2M short liquidations, raising concerns about a potential correction. The token is trading near a key support zone and may face a test of its recent gains. Long-term outlook is positive as long as buyers continue to protect the area between $2.40 and $2.50.
A photo of a trader wearing a headset, looking at a computer screen displaying the Bitway [BTW] price chart, with a concerned expression on their face, as the screen shows a downward trend.