Bitcoin’s (BTCBrent Crude’s trading range of $60,000-$73,000 is impressive. oil rising to levels not seen since 2008, a hot war between the US, Israel and Iran, and a volatile stock market where the S&P 500 index trades at a 3.95% year-to-date loss.
Bitcoin has shown that despite these headwinds it is still willing to buy if the price falls below $60,000. While this current level holds, the possibility of a lower price does not exist.
Bitcoin’s chart for a single day shows a continuation bearish pattern. One pattern was confirmed Jan. 20, when BTC entered a correction at $60,014, while a second flag is currently active. Since Feb. 8, every price rally towards the flag’s trendline overhead has been rejected. Technical analysis emphasizes the importance of an uptrend and multi-day candles closing above $76,000 in order to invalidate this pattern.
Idealy, the rally up to $76,000 should hold for a 2 to 3 day consecutive candle close. Then, it would be followed by another retest at $75,000, to confirm that a previous resistance level has now been confirmed as support.
Chartered market technician Aksel kibar’s analysis predicts that the price could drop as low as $52,500. Kibar refers to an analysis of March 18 said That a is,
“Breakdown of the lower boundary will be the signal for a possible move toward $52,500.”
Related: Bitcoin traders forecast short-term downside even as BTC price chases $68K
Velo’s data highlights that demand on the Bitcoin spot market and Bitcoin futures is relatively flat. As traders seem to see instances when BTC’s negative funding rate is an opportunity for buying, confidence in the market drops during rallies towards the trendline support of the bear-flag.
Bitcoin’s open interest is still below $20 billion. This level has not been seen since February 2nd, when BTC was trading near $79,000.
In relation to Kibar’s price prediction of $52,500 and its alignment with Bitcoin futures markets. Hyblock’s liquidation heatmap shows that a number of leveraged positions are at risk of being liquidated if BTC drops into the range of $63,000-$65,000.
The next open long margin positions start in the range of $57,500-$56,000 below.
Price action at the moment reflects an essentially sideways market, which consolidates and searches for factors such as capital flows or story-related elements that will push traders to make larger bets.
Bitcoin’s price is expected to remain in the range of $10,000, and $60,000 would be considered its top. lowest key support There is a resistance level between $70,000 and $100,000.
The article has been produced according to Cointelegraph’s editorial policy and is only intended as a source of information. The article is not intended to be investment advice. Readers are advised to carry out independent research on all investments before taking any decision. Cointelegraph does not guarantee the accuracy of information, or the completeness, or forward-looking statements. It will also be held harmless for any damage or loss resulting from the reliance upon this content.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
