Market Indecision Reigns, News Could Spark Volatility


Where are we in the market right now?

BTC is still choppy on the 1-day timeframe, but I'm seeing a possible next range of $62.7k (top) and $48.8k (bottom). This is not confirmed yet and needs some price movement to solidify. (Link for the chart: https://www.tradingview.com/x/oiWCgZzO/)


Bigger picture (1-day timeframe)

The market is choppy and sideways around the 200-day moving average (MA), indicating no clear momentum in price direction. However, we can see the 50-day MA approaching a crossover with the 200-day MA, which is a potentially bearish signal (a death cross).
(Link for the chart: https://www.tradingview.com/x/R8Q3fdzG/)


Previous analysis (Previous Analysis)

We previously discussed the possibility of Bitcoin retesting the market at $56k. This target has been reached, but the market remains indecisive. Any news event could trigger a price surge (pump) or sell-off.


4-hour timeframe

The price is currently trading within a range of $61.3k - $58.4k. Traders can abuse this range until a breakout occurs. It's important to note that the market may be targeting stop-loss orders, so be cautious when placing them to avoid getting stopped out even if your technical analysis is correct.
(Link for the chart: https://www.tradingview.com/x/kJmR88T6/)

$BTC

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