Bitcoin support resistance flip in play as long-to-short delta highlights bullish bias

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BTC/USDT 1-day chart. Source: TradingView Outside of the naked price action from the candlestick chart, the long-to-short delta (heatmap below) shows longs currently with the advantage, with a -$38.6 million delta, and the figure widens to -$153 million if BTC rises to $77,500. BTC/USD long-short delta. Source: Hyblock Essentially, the SR flip from the Monday US morning session liquidated long positions down to $76,500, potentially confirming the trendline resistance as support. As the price rebounds, the chart shows shorts having significantly more leveraged exposure at risk. Related: Bitcoin shorts create $1.4B liquidation risk: Is a price squeeze to $80K next? Bulls may succeed in pushing the price through the most immediate overhead shorts and returning BTC to its range highs below $80,000, but the aggregate orderbook set at 2.5% to 5% shows a wall of asks stacked from $79,700 to $80,000. This suggests that clearing the $80,000 level could remain a challenge in the short-term. BTC/USDT orderbook bids and asks. Source: TRDR.io

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