Let's take a look at Bitcoin. Yesterday, $BTC showed a nice upward movement but faced rejection at the $63,000 resistance level. #Bitcoin successfully reclaimed the $59,000 level, breaking a significant S/R flip resistance with a strong daily close above it, signaling a positive trend.
Whale activity increased to +5 following the breakout, and spot CVD has been rising since $49,000, with Coinbase continuing to buy while #Binance remains flat. The rise in spot CVD aligns with the price increase, indicating support from the spot market. Holding above $59,000 could pave the way for a move towards the $71-74k resistance channel, maintaining a positive outlook as long as this level is sustained.
At the moment, pullbacks towards the $59,000 area can be considered normal, and as long as this support is maintained, the outlook remains positive. If it stays above this level, the first resistance target can be set at $63,000, with $67,000 as the next key resistance level.
However, if the $59,000 support is lost, the price may unfortunately pull back to the strong support area around $53,000. Maintaining above $59,000 is crucial for the continuation of the upward trend. Cheers! 💐
