Even though Bitcoin remains bullish in the long term, price has been in a corrective bearish phase since October, which is a normal reaction after a strong impulsive move.
Since October 2022, price has been retracing and is currently revisiting a key area that many traders are watching closely.
In the past, this level acted as resistance before being broken. Once broken, it became support, and price has recently reacted from this area.
At this level, many participants are positioning long, while others are already positioned short. It is important to remember that for price to move higher, sell-side liquidity is required.
In order to generate that sell-side liquidity, price often needs to trade below support levels where liquidity is resting. For this reason, I expect Bitcoin to sweep liquidity below the 72,000 level at minimum.
As long as the 98,000 high remains intact, there is no clear structural reason for price to move higher from current levels. Before a break above 98,000, a break below the 72,000 support is, in my view, more likely.
Since October 2022, price has been retracing and is currently revisiting a key area that many traders are watching closely.
In the past, this level acted as resistance before being broken. Once broken, it became support, and price has recently reacted from this area.
At this level, many participants are positioning long, while others are already positioned short. It is important to remember that for price to move higher, sell-side liquidity is required.
In order to generate that sell-side liquidity, price often needs to trade below support levels where liquidity is resting. For this reason, I expect Bitcoin to sweep liquidity below the 72,000 level at minimum.
As long as the 98,000 high remains intact, there is no clear structural reason for price to move higher from current levels. Before a break above 98,000, a break below the 72,000 support is, in my view, more likely.
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La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.