The Asian session picked up momentum from the US and pushed $BTC back to last Friday’s closing level (~104,810). As a result, all the "progress" made over the weekend and the following workdays has been erased.
A daily close above ~104,810 could further strengthen this momentum, making today’s price action crucial. During the Tokyo session, open interest surged significantly, indicating that this level has accumulated a large number of positions. Whether BTC pumps or dumps from here, expect heavy liquidations in either direction, as both outcomes could satisfy the market’s appetite.
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Weekly Chart Analysis
#Bitcoin is approaching the top of the weekly range, which is typically a bearish signal—following the classic TA rule that a range is valid until broken. However, given the uptrend and the fact that BTC has tested this area before, the chances for a breakout remain promising.
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Monthly Outlook
With tomorrow marking the last day of January, be cautious of fake moves around the monthly open, similar to what often happens during the first minutes of the NY session. It’s important to note that most monthly candles form buy or sell tails, meaning the monthly open price rarely becomes the low for the month. As February begins, expect a dip to create a buy tail—whether it occurs before or after any upward movement.
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