Bitcoin enthusiasts have shown excitement as the crypto surpassed the $60K mark. However, Zero Ika, a prominent crypto analyst advises caution. Zero Ika tweeted, “Brother, is the weekly closure bullish? We smashed the 60K!” Despite the recent surge, several factors must align for a sustained bullish trend.
"Brother, is the weekly closure bullish? We smashed the 60K!"Calm down, there's no need to be overly excited.While we're seeing a good reaction from BTC with 4 consecutive daily candles in a row, the price hasn't reversed the mid-term bearish structure yet.Bitcoin has… pic.twitter.com/UfjP0R1Gl8
— ZERO IKA (@IamZeroIka) July 15, 2024
Bitcoin (BTC) Price Analysis
Bitcoin’s performance includes four consecutive daily gains, signaling a positive short-term trend. Nonetheless, Zero Ika emphasizes that Bitcoin has yet to reverse its mid-term bearish structure.
He highlights the importance of surpassing the high (SH) at $63,826. Only a high time frame (HTF) closure above this level would alter his bearish outlook.
Moreover, Zero Ika points out the rise in Open Interest, reaching the 180K danger zone. This suggests aggressive long positions, especially as Bitcoin nears a crucial level.
Additionally, an increase in funding rates adds to this sentiment. The current market scenario requires careful monitoring to avoid potential pitfalls.
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Show more +Show less – Spot CVD and Liquidation Heatmap Insights
Interestingly, the spot cumulative volume delta (CVD) reveals significant buy pressure from Coinbase, driving the recent move.
In contrast, Binance shows a flat trend, indicating a lack of participation from its users. This divergence between major exchanges could influence Bitcoin’s price dynamics.
Furthermore, Zero Ika examines the liquidation heatmap, identifying a cluster near the SH at $63,800. This cluster suggests that Bitcoin might face resistance at this level, potentially halting the bullish impulse if not reclaimed on an HTF basis.
Read also: Mysterious Whale Massively Accumulates Chainlink – Will LINK Price Pump?
USDT Dominance Observations
Another critical factor is the USDT dominance, which recently reversed near the 5.80% to 6.00% order block (OB) zone. Although it has not closed below key levels, this reversal warrants attention as it may impact Bitcoin’s momentum.
while Bitcoin’s recent performance is promising, Zero Ika urges caution. Surpassing the $63,826 mark on an HTF closure is essential for a sustained bullish trend.
Market participants should monitor Open Interest, funding rates, spot CVD, and the liquidation heatmap to navigate the crypto space. The interplay between these factors will determine Bitcoin’s trajectory in the coming weeks.
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The post Bitcoin’s Price Flirts Above $60K: Analyst Warns of BTC ‘Danger Zone’ as Market Teeters on Edge of Bull Run appeared first on CaptainAltcoin.
