đ Bitcoin's$BTC Real Test! đ
Bitcoin kicked off the week strong, printing a $3,000 green candle! Many technical indicators are flashing bullish signals, and we even saw a higher high, albeit marginal.
But here's the real test that Bitcoin must pass:
đ Key Chart Insight: The upper trendline of the descending channel has once again halted the uptrend. If the price doesnât break out and confirm on a higher timeframe, the chances of a reversal are significantly high.
Bitcoin Needs to Accomplish Two Key Goals ASAP:
1. Break Out of the Descending Channel
2. Climb to $70k to tap into the massive liquidity waiting at this level.
If these conditions are met, we could see a substantial move to the upside. However, if Bitcoin continues to reject the upper trendline, we may find ourselves back in the low $60s.
â ïž Additional Note: Open interest has surged over the last 24 hours, indicating that many traders are opening leveraged longs again. This adds an extra layer of risk in case of a rejection.
Stay vigilant and trade smart!
