$BTC Bitcoin has shown signs of being overextended and currently resides in overbought territory, suggesting that a pullback may be on the horizon. The anticipated correction could occur within the 69k to 70k range as the market seeks to ease off this overextension. Adding to the potential for a shift in price dynamics, the upcoming FOMC meeting scheduled for Friday could act as a catalyst for BTC to retest these key levels in the near future.
Traders should exercise caution, as the market is currently skewed with a significant portion of liquidations poised to the downside. This indicates the possibility of a sharp downward movement aimed at collecting liquidity. Such swift price actions can catch many off guard, emphasizing the importance of strategic vigilance.
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