#BTC Analysis: Evaluating the Situation After Losing the Support Channel
Price Movements and Technical Data
$BTC has dropped to $65,000 after losing its short-term support channel. However, current technical and fundamental data show positive signs despite the decline.
1. Spot CVD (Coinbase Purchases)
- Purchases continue on the Coinbase platform.
- Despite the price decline, continued buying on Coinbase is a positive indicator. $NOT
2. Whale Buying and Selling
- CVD data indicates that current sales are coming from small investors.
- Whales are maintaining their Bitcoin holdings and not selling, reflecting confidence among major players in the market.
3. Potential Deviation
- Significant liquidity accumulates below important support levels.
- The price may dip below support to clear out this liquidity and then quickly recover, a movement known as deviation.
- Continued buying on Coinbase and no selling from whales increase the likelihood of this being a deviation.
Is It the Right Time to Buy?
- Reclaiming the $67,000 resistance level would confirm the deviation movement.
- If Bitcoin rises above $67,000, it would be prudent to buy in anticipation of the beginning of an upward trend.
Summary
- Purchases on Coinbase and the absence of whale selling are positive signs.
- It would be wise to wait for the $67,000 resistance level to be reclaimed before buying.
- Currently, waiting for the $67,000 level to break is the best strategy.
