Bitcoin Next Move ???
Bitcoin Price Analysis
BTC is currently consolidating within a volatile range around the higher time frame (HTF) trend, reminiscent of the consolidation patterns seen in 2020.
1. Short-term support resistaat $68,300, a level where funding drastically decreased and spot trading activity intensified previously.
2. The mid-range is pivotal; strength above indicates bullish sentiment, while weakness below suggests the opposite. Presently, the 4-hour trend holds significance.
3. Recent retests of key levels resulted in liquidation of late long positions.
4. Funding rates remain relatively neutral, reflecting a balanced market sentiment. However, spot trading volume and market activity are also subdued, indicating indecision among traders. A positive aspect is the absence of aggressive leverage long positions from bulls.
5. Concerns arise if the daily trendline at $62,400 is breached, potentially triggering panic selling.
Even in the event of a decline to the $62,000 region, it would likely constitute a retest of the 55-day exponential moving average (EMA) on the daily chart, historically a favorable buying opportunity in bullish market phases.
In my assessment, the overall sentiment remains bullish. A period of consolidation is necessary for the market to stabilize before potential gradual increases, especially leading up to and following the halving event.
