BTC Update (June 16, 2024)

Technical analysis:

- Deadline: 1 day

- Based on chart patterns and trends, BTC forms an ascending triangle, indicating a bullish trend.

- Support: 64,700 - 65,800

- After breaking above the ATH, the next resistance levels are 78,900 and 85,000.

- A correction to 64,900 is expected in the short term, followed by a strong upward movement.

Fundamental analysis:

- Australia's first BTC spot ETF starts trading on June 18.

- ETH ETF launches on July 2, which could provide potential upside for #BTC☀ and ETH.

Chain analysis:

- In the drop from 72,000 to 68,000, 38,000 BTC moved from exchanges to wallets, indicating that whales accumulated to an average price of 67k - 68k.

- ETFs bought over $1 billion last week and sold over $250 million this week, indicating buying pressure and a possible bullish reversal.

Liquidation:- There is a liquidation of around $1 billion in the 65K region. A possible drop to 65,000 is expected followed by an increase to 72,000.

Open positions (open interest):

- Open positions have increased with rising prices over the last month and a half, indicating an upward trend.

- The decrease in open positions in recent days along with the decrease in price indicates that this downward movement is weak and the uptrend may begin again.

Personal opinion:

- I entered BTC when it was at 60,800. I expect a drop to the 64,700-65,300 area followed by a return to 78,900.

Note: This analysis is valid for the next 30-40 days. Do your own research before making any decisions.

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