Zcash is trading near $220, consolidating between key Fibonacci levels after pulling back from $275, with traders awaiting Bitcoin’s next move for direction.
The token’s correlation with Bitcoin has rebounded to 0.91, indicating ZEC is once again moving closely with BTC after briefly decoupling in March.
The setup leaves ZEC highly sensitive to Bitcoin’s trajectory, with a rally likely to lift prices and a decline expected to deepen downside pressure.
On-chain data shows a cluster of short liquidations between $241 and $260, with more than $15 million in leveraged positions at risk if price breaks higher.
At the same time, heavy long liquidation zones sit below $220, meaning a downside move could trigger rapid selling in a similar cascade.
Technically, resistance sits at $222, while a break above that level could push ZEC toward $245 and potentially $262 if short liquidations accelerate.
Zcash recently raised $25 million in seed funding, but near-term price direction remains tied to Bitcoin’s next move rather than fundamentals.
At the time of reporting, Zcash price was $216.58.