BITCOIN → Liquidation and retest of support. When is 74K?

BTCUSD is not ready to pass through 71500 yet and continues the correction phase, testing local lows and liquidating buyers in order to increase the position of a major player. Consolidation is clearly visible on the higher timeframes.

The resistance area of 71500 plays an important role for the market, a breakout and consolidation of the price above this area will mean that the market is ready to go higher than 74K, but, the market has not yet gathered the potential and, therefore, the consolidation continues. Bitcoin is currently in the range of 71500 - 64500. It is worth paying attention to the upward support, marking a bullish trend, and the 64500 area. The bulls will actively defend this area and if they fail, the price will head towards 61500 - 59000, 56400, but the most likely scenario is a false breakdown of 64500 followed by price strengthening to the resistance of the 71500 range.

Support levels: 64500, rising line, 61500
Resistance levels: 70000, 71500

The coin continues to consolidate. Sooner or later this phase will move to the phase of realization (distribution), based on the general data it may be growth, but no one excludes dump and retest of lower liquids zones before further growth.

Regards R. Linda!

Commentaire:

"BTC is the only decentralized currency" - Tether CEO

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Situation on D1
The local setup is bearish. The coin may continue its decline.
Breakdown and consolidation of the price below 66000 will provoke further decline to 64589.

BUT! If the market starts to turn around, 67300 will be an intermediate boundary for the bulls. Consolidation above this area will cause the local mood to change to a bullish one

Transaction en cours:

66300

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There may be an attempt to break the local descending resistance, which will be followed by a retest of 67232.
The level is quite important and it is worth paying attention to it

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The price on the local timeframe is heading towards 67250
The level plays an important role

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Whales have sold 50,000 BTC in the last 10 days - Santiment data

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Rebound from resistance

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Testing 64600 support

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False break of support 64600

Commentaire:

BTC is approaching the aggregate breakeven level of short-term holders 64500 - 65000.
This area may become support, and if it is broken, we can expect a correction of 8-12%

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After a strong rally there is no fall
Consolidation has been going on for four months....

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The last few days have seen very low volatility