BTC/USD - Flushing weak hands before pumping towards $70k!

BTC set a new ATH over the weekend at $61k and now we corrected from the resistance at fib 61.8% as indicated on the chart.

We quickly found support just above 54K as bulls front run to buy this discount price before BTC is posed to explore higher levels.

What I see as possible plays is BTC going to $58k and getting rejected again to re-test our support just above 54K which presents a great entry for a long if given the chance.

Once $58k breaks, we're good to go higher and beyond our current ATH with $66k or just under $70k being the next significant resistances to watch for.

If for any reason the support at 54k falls then we should find some relief at 50k, however, such a break of market structure may lead to a longer consolidation around 50k before any new push up. So my bias remains very bullish so long the support level at 54K holds.

On lower time frames the indicators have turned bullish today, however on daily and above, we do paint a bearish chart with a bearish RSI and MACD histogram. This bearish case will not be confirmed unless we break below $54k. I find that unlikely.

For now we should range between 54K-$58k until we breakout.

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