Crypto liquidations hit $300 million in 24 hours. Will the price rise continue or is a correction coming?

Technical Picture:
⬆ Fresh high
⬇ RSI levels off before entering overbought
⬆ Price action forms 3 consecutive days of increases
⬆ Break above diagonal resistance
⬆ Break above 200MA
⬆ Reject from 23.6 FIBO

In Conclusion:
I expect the price to head towards an upward test of a strong resistance zone ($70,083), and if broken, it will likely target an upward test of the next horizontal resistance in the zone of $72,067.

Alternative Scenario:
If there is a failed breakout at the horizontal resistance, the price will most likely target a downward test of diagonal support in the zone of $66,969, and if broken, it will aim for a downward test of horizontal support in the zone of $64,924.

Fundamentals:
Crypto liquidations reached nearly $300 million in just 24 hours, triggered by the sudden price surge of Bitcoin. Short-term positions suffered the most significant losses, with over $206 million liquidated when Bitcoin broke key resistance levels.

However, the situation changed in the next trading session. The following day, long position liquidations soared to over $187 million. Short-term positions continued to be under pressure, incurring over $123 million in liquidations. The total amount represented the second-largest liquidation event of the month, following the massive $500 million liquidation that occurred on October 1.